As the economics of captive mining become less compelling and downstream businesses offer greater value, Tata Steel is recalibrating its long-term growth strategy while retaining the flexibility to expand upstream where returns justify the investment. Managing director and CEO TV Narendran and Chief Financial Officer Koushik Chatterjee in an interaction with Urvi Malvania discussed the company’s investment priorities, raw material strategy, automotive business, recycling plans and expansion roadmap.