Tata Steel bags contract to serve Network Rail for five more yrs

Tata Steel bags contract to serve Network Rail
Tata Steel announced that it has won a contract to supply rail track to Britain's railway infrastructure operator Network Rail for at least five more years, reported AFP.

In a statement, the Company said that the Network Rail plans to source over 95 per cent of its rail from Tata Steel until 2019, with the option to extend the deal until 2024.

"This is fantastic news. I am delighted the rail network in Britain will continue to be made and maintained with our UK rail," said Tata Steel chief commercial officer Henrik Adam in a statement.

The statement gave no indication of the value of the deal. Tata Steel is the current supplier of rail to Network Rail, which runs and maintains Britain's extensive rail infrastructure, and loss of the contract could have put its Scunthorpe plant in Britain in peril, said the media reports.

Dion Global Solutions Ltd.

Story first published: Tuesday, October 22, 2013, 9:12 [IST]
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