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Tata Steel to stop doing business with Russia

20:54, Wednesday, 20 April, 2022
Tata Steel to stop doing business with Russia

Tata Steel will stop doing business with Russia, the Indian steel major said on Wednesday, making it the latest global company to cut ties with the country for invading Ukraine.

A company spokesperson said: “Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia.

“To ensure business continuity, all our steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia," it said.

Tata Steel is among only a handful of Indian companies that have halted business with Russia, with the move coming even as India abstains from condemning the invasion and has not imposed sanctions on Moscow.

Recently, Infosys said last week it would move business out of Russia.

Western allies have called for India to speak out against the war. Several Western companies have withdrawn from Russia.

All of Tata Steel's manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, the company said.

"They (EU) will end their business ties and our businesses in UK and Netherlands are a part of this decision," Reuters reported quoting a senior Tata Steel executive. The executive said sourcing of coal from Russia was "miniscule".

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