Tata Steel honoured with the 2024 Franz Edelman Finalist Award by INFORMS, USA

Mumbai : Tata Steel has been awarded the prestigious Franz Edelman Finalist Award by the Institute for Operations Research and Management Sciences (INFORMS), USA, during the Edelman Gala night at INFORMS Business Analytics Conference 2024, Orlando, USA, on April 15, 2024. Recognised as the world’s leading Operations Research and Analytics Award, this accolade celebrates successful industrial applications of operations research.

Tata Steel’s project on the Optimisation of Continuous Annealing Process was selected as a finalist after a rigorous three-month assessment by INFORMS Society assessors. In the steel industry, continuous annealing is crucial for controlling the quality of cold-rolled steel strips through heat treatment. The project demonstrated significant improvements in quality, reduction in specific fuel consumption, and decreased CO₂ emissions. The Tata Steel team, with support from their academic consultant, IIT Bombay, successfully implemented this innovative solution, showcasing the power of analytical decision-making in industrial processes.

This achievement places Tata Steel alongside esteemed global organisations such as American Airlines, McDonald’s China, ALDI Süd Germany, Molslinjen Denmark, and Transvision Netherlands, all of whom were finalists.

During the Edelman Gala night, Tata Steel and IIT Bombay were inducted as members of the prestigious Franz Edelman Academy. Membership in the Franz Edelman Academy signifies a distinguished contribution to the field of analytics and inspires other organisations to explore opportunities for improvement through innovative applications of analytics.

Disclaimer

Statements in this press release describing the Company’s performance may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred, or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

For queries and information

Sarvesh Kumar,Chief Corporate Communications, Tata Steel, sarvesh.kumar@tatasteel.com

About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum.
• It is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world.
• The group recorded a consolidated turnover of ~US$30.3 billion in the financial year ending March 31, 2023.
• A Great Place to Work-Certified^TMorganisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 77,000.
• Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045.
• The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making by 2025’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants.
• Tata Steel aspires to have 20% diverse workforce by 2025. The Company has been recognised with the World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.
• The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.
• Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteel^TMCertification. Subsequently, its Kalinganagar and Meramandali plants have also received the certification. In India, Tata Steel now has more than 90% of its steel production from ResponsibleSteel^TM certified sites.
• Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2023 Steel Sustainability Champion recognition from worldsteel for seven years in a row, 2022 ‘Supplier Engagement Leader’ recognition by CDP, Top performer in Iron and Steel sector in Dun & Bradstreet’s India’s top 500 companies 2022, Ranked as the 2023 most valuable Mining and Metals brand in India by Brand Finance, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, and ‘Best Corporate for Promotion of Sports’ recognition at the Sportstar Aces Awards 2024.
• Received 2023 ERM (Enterprise Risk Management) Award of Distinction at the RIMS ERM Conference 2023, ‘Masters of Risk’ – Metals & Mining Sector recognition at The India Risk Management Awards for the seventh consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.