Tata Steel's Acquisition of Corus (B)

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Case Details:

Case Code : BSTR355
Case Length : 17 Pages
Period : 1997-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Tata Steel Limited / Corus Plc.
Industry : Steel
Countries : UK, The Netherlands, India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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"The company (Tata Steel Group) has not brought down costs to the extent they should have. There is more bad news in store, as the Corus Group disappointment is still round the corner." 1

- Niraj Shah, Senior Analyst, Centrum Broking2, in October 2009.

"You don't buy looking at the short-term, but the long-term future of a company. Corus was a very good buy as its fundamentals are quite sound. However, it's poor show on the books has got nothing to do with its fundamentals. It's a victim of the current global downturn." 3

- B. Muthuraman, Managing Director, Tata Steel Limited, in March 2009.

Tata Steel Group Reports Loss

On August 27, 2009, India-based Tata Steel Group (TSG)4 announced disappointing results for the quarter ended June 2009. The company reported that its net sales were down by 47% at Rs 231.8 billion as compared to the corresponding quarter of the previous year.

Industry experts were shocked as the company reported a net loss of Rs 22.09 billion for the quarter as compared to a profit of 39.01 billion in the quarter ended June 2008 (Refer to Exhibit I for Quarterly Performance of Tata Steel).

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1] "Tata Steel Q2 Profit Halves; Weak Oversees Demand," www.livemint.com, October 28, 2009.
2] Founded in 1977, Centrum Broking Pvt Ltd is one of the leading stock broking and investment banking companies in India.
3] "Corus was a Very Good Buy: Muthuraman, Tata Steel MD," http://economictimes.indiatimes.com, March 03, 2009.
4] Tata Steel Group comprised combined operations of Tata Steel (India), Tata Steel Thailand, NatSteel Asia, and Corus.

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