Equity Snap: Tata Steel Ltd (TATA IN): Netherlands criminal proceedings relate to a limited number of incidents in the past

研报英文原文证据摘录

Equity Snap: Tata Steel Ltd (TATA IN): Netherlands criminal proceedings relate to a limited number of incidents in the past

13 July 2026

Equity Snap: Tata Steel Ltd Equities Metals & Mining

(TATA IN)

Netherlands criminal proceedings relate to a limited

number of incidents in the past India

◆ TATA’s exchange filing highlights the criminal proceedings at Pinakin Parekh*

TSIJ relate to a limited number of incidents in the past SeniorHSBC SecuritiesAnalyst, Indiaand CapitalMetalsMarketsand Cement(India) Private

Limited

◆ Of 135,000 pushes, there was one instance in 2023 and zero pinakin.parekh@hsbc.co.in

+91 22 40891549

instances in either 2024 or 2025

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations.

Tata Steel Ltd (TATA IN, INR191.19, Buy, TP INR260.00)

(Priced as of 10 Jul 2026)

TATA Steel Ijmuiden (TSIJ) prosecution by Public Prosecution Service (PPO):

TATA in an exchange filing has disclosed that the Dutch Public Prosecution Office

(PPO) has summoned TSIJ (TATA’s wholly owned subsidiary with a manufacturing

facility in the Netherlands) for ‘suspected criminal offences over alleged pollution at

coke oven gas plants (CGP 1 and 2) at Ijmuiden’.

What is the underlying issue?: As per TATA’s exchange filing, PPO has decided to

prosecute ISIJ for ‘allowing undercooked coke to occur’ in the Coke and Gas plants

(KGF) 1 & 2 and for not reporting the same. As per TATA, TATA Steel Nederland’s

CO2 intensity is 1.66 tonnes of CO2 per tonne of crude steel produced, which

according to the company places the unit among the most CO2 efficient integrated

steel producers globally. As per TATA, occasionally a batch was not fully ‘cooked’

resulting in short-term peak emissions.