Project on Management Control Systems of Tata Steel Free essay! Download now
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Project on Management Control Systems of Tata Steel
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| Words: 5566 | Submitted: 07-Feb-2013
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Descriptionit is about management of a company
Management Control System
Management style & culture
Internal controls & systems
Communications at Tata Steel
Strategy of each functional area
The prolonged economic slowdown in the developed world, particularly in the European Union and the UK has resulted in a significant decline in steel consumption in several geographies in the western hemisphere. Steel plants are being closed or mothballed to conserve costs and to control over-supply.
By contrast, the demand for steel is still buoyant in Asia and Africa where growth rates and investment levels are higher than in the West and where new sources of iron ore and coking coal are being developed.
The demand for steel in India remains robust and in fact continues to outstrip supply. Unfortunately, major Greenfield projects which would substantially increase domestic steel capacity are facing enormous delays due to hurdles in land acquisition and approvals for the necessary mining rights to feed these new plants.
While Tata Steel’s operations in India are expected to remain strong, its operations in Europe will continue to be under enormous stress for the next year or two until the Western European economy recovers. The unprecedented rise in iron ore and coking coal prices coupled with the acute decline in market demand will continue to negatively impact the Company’s European operations. Restructuring and capacity rationalizing initiatives are under way to reduce costs and under-utilization. The real growth will most likely be in Asia, Africa and Latin America.
Steel will remain the undisputed major foundation material in the world. Its predominance in building construction, infrastructure, ship-building, automobiles has not been substantially challenged and is unlikely to be for the foreseeable future. At the same time, steel consumption will be closely linked to the economic growth and prosperity of a nation or a particular region.
The global economy has been very volatile in the last twelve months. While the first half of 2011 showed definite signs of recovery, the Euro crisis clearly influenced the business sentiment of the underlying economy since August - September 2011. After a fairly steady first quarter of the financial year, the operating environment in Europe started to decelerate very significantly in the third quarter with contraction in the market demand for steel resulting in lower spread between raw material prices and steel prices. This affected the European performance in the third quarter specifically.
The South East Asian business has been less impacted by the Euro zone crisis, especially countries like Singapore, which have better positioned themselves through prudent policies to ride out the storm. In comparison, India was relatively better positioned for the first half of ...
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