A general view shows the Tata steelworks in Port Talbot, Wales, Britain April 26, 2016. REUTERS/Rebecca Naden/File Photo

A general view shows the Tata Steel works in Scunthorpe, northern England, October 27, 2015. Tata Steel, the biggest steelmaker in Britain, will axe 1,050 jobs in the country, local media reported on Sunday, on top of the 1,170 cuts it announced last year due to low steel prices. REUTERS/Andrew Yates/Files

Tata Steel's Managing Director Hemant Nerurkar (L) and Tata Steel Europe's Managing Director Karl-Ulrich Koehler speak to each other before a news conference to announce their fourth quarter results in Mumbai May 23, 2013. Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

Tata Steel's Managing Director Hemant Nerurkar (L) and Tata Steel Europe's Managing Director Karl-Ulrich Koehler speak to each other before a news conference to announce their fourth quarter results in Mumbai May 23, 2013. Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

A labourer stands outside a Tata Steel stockyard in the northern Indian city of Chandigarh May 23, 2013. Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region. REUTERS/Ajay Verma (INDIA - Tags: ENERGY BUSINESS EMPLOYMENT)

A labourer works at a Tata steel iron godown in the northern Indian city of Chandigarh November 9, 2012. India's Tata Steel reported on Friday a surprise quarterly loss of 3.64 billion rupees ($66.8 million), as weakening demand and prices in its main European market offset a solid performance at home. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)

Managing Director of Tata Steel of India, Hemant Nerurkar, is seen during an interview with Reuters on the sidelines of the 2010 World Economic Forum in Vietnam's commercial hub Ho Chi Minh City June 7, 2010. India's Tata Steel forecast on Monday steel demand in Southeast Asian countries would grow between 8 percent and 9 percent a year in coming years, based on a strong economic growth. REUTERS/Kham (VIETNAM - Tags: BUSINESS POLITICS)

The Corus steelworks at Redcar, Teesside, northern England is seen in this January 26, 2009 file photograph. Europe's second biggest steelmaker, Corus, is to close a plant in northeast England at the end of January with the loss of 1,700 jobs, after failing to secure a long-term partner for the plant's output, the company said on December 4, 2009. REUTERS/Nigel Roddis/Files (BRITAIN - Tags: BUSINESS EMPLOYMENT)

The Corus steelworks at Redcar, Teesside, northern England is seen in this January 26, 2009 file photograph. Europe's second biggest steelmaker, Corus, is to close a plant in northeast England at the end of January with the loss of 1,700 jobs, after failing to secure a long-term partner for the plant's output, the company said on December 4, 2009. REUTERS/Nigel Roddis/Files (BRITAIN - Tags: BUSINESS EMPLOYMENT)

The Corus steelworks at Redcar, Teesside, northern England is seen in this January 26, 2009 file photograph. Europe's second biggest steelmaker, Corus, is to close a plant in northeast England at the end of January with the loss of 1,700 jobs, after failing to secure a long-term partner for the plant's output, the company said on December 4, 2009. REUTERS/Nigel Roddis/Files (BRITAIN - Tags: BUSINESS EMPLOYMENT)

B. Muthuraman, managing director of Tata Steel, attends the news conference after announcing the first quarter results in Mumbai July 29, 2009. Tata Steel Ltd, the world's No. 8 steel maker by output, on Wednesday reported a larger-than-expected 47 percent fall in June quarter profit from its Indian operations as realisations fell sharply on lower commodity prices. REUTERS/Punit Paranjpe (INDIA BUSINESS HEADSHOT)

B. Muthuraman (C), managing director of Tata Steel, speaks as Koushik Chatterjee (R), vice president of Finance and H.M.Nerurkar, chief operating officer, watch during a news conference after announcing the first quarter results in Mumbai July 29, 2009. Tata Steel Ltd, the world's No. 8 steel maker by output, on Wednesday reported a larger-than-expected 47 percent fall in June quarter profit from its Indian operations as realisations fell sharply on lower commodity prices. REUTERS/Punit Paranjpe (INDIA BUSINESS)

B. Muthuraman, managing director of Tata Steel, speaks during a news conference after announcing the first quarter results in Mumbai July 29, 2009. Tata Steel Ltd, the world's No. 8 steel maker by output, on Wednesday reported a larger-than-expected 47 percent fall in June quarter profit from its Indian operations as realisations fell sharply on lower commodity prices. REUTERS/Punit Paranjpe (INDIA BUSINESS)

B. Muthuraman, Managing Director of Tata Steel, speaks during a news conference to announce the annual financial results of Tata Steel in Mumbai June 25, 2008. REUTERS/Arko Datta (INDIA BUSINESS)

B. Muthuraman, Managing Director of Tata Steel, speaks as his shadow falls on the company logo during a news conference to announce the annual financial results of Tata Steel in Mumbai June 25, 2008. REUTERS/Arko Datta (INDIA BUSINESS)

Kirby Adams (R), CEO of Corus, listens to B. Muthuraman, Managing Director of Tata Steel, speak as his shadow falls on the company logo, during a news conference to announce the annual financial results of Tata Steel in Mumbai June 25, 2008. REUTERS/Arko Datta (INDIA BUSINESS)

B. Muthuraman, Managing Director of Tata Steel, speaks during a news conference to announce the annual financial results of Tata Steel in Mumbai June 25, 2008. REUTERS/Arko Datta (INDIA BUSINESS)

B. Muthuraman, Managing Director of Tata Steel, speaks during a news conference to announce the annual financial results of Tata Steel in Mumbai June 25, 2008. REUTERS/Arko Datta (INDIA BUSINESS)

Philippe Varin, chief executive of Tata Steel's Anglo-Dutch unit Corus Group, reacts during a news conference by Tata Steel in Mumbai January 28, 2009. Slumping sales more than halved quarterly net profit at the Indian operations of Tata Steel Ltd and top officials said a recovery in demand was only expected in the second half of 2009. REUTERS/Arko Datta (INDIA)

B. Muthuraman, managing director of India's Tata Steel Ltd., speaks during a news conference in Mumbai January 28, 2009. Slumping sales more than halved quarterly net profit at the Indian operations of Tata Steel Ltd and top officials said a recovery in demand was only expected in the second half of 2009. REUTERS/Arko Datta (INDIA)

Chairman of Tata group Ratan Tata (C, standing) speaks during the Annual General Meeting (AGM) of shareholders of Tata Steel Ltd in Mumbai August 28, 2008. Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus. REUTERS/Arko Datta (INDIA)

Chairman of Tata group Ratan Tata speaks during the Annual General Meeting (AGM) of shareholders of Tata Steel Ltd next to non-executive deputy chairman of Tata Steel James Leng (L) and Tata Steel Managing Director B Muthuraman (R) in Mumbai August 28, 2008. Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus. REUTERS/Arko Datta (INDIA) BEST QUALITY AVAILABLE

Chairman of Tata group Ratan Tata attends the Annual General Meeting (AGM) of shareholders of Tata Steel Ltd in Mumbai August 28, 2008. Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus. REUTERS/Arko Datta (INDIA)

Chairman of Tata Group Ratan Tata speaks in front of a portrait of Tata Group founder Jamsetji Nusserwanji Tata during the Tata Steel Annual General Meeting in Mumbai August 28, 2008. Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus. REUTERS/Arko Datta (INDIA)

Chairman of Tata Group Ratan Tata speaks to Tata Steel Ltd shareholders during the Annual General Meeting in Mumbai August 28, 2008. Tata Steel Ltd, the world's sixth-largest steel maker, said on Thursday its consolidated quarterly net profit rose 60.5 percent boosted by its Anglo-Dutch unit Corus. REUTERS/Arko Datta (INDIA)

B Muthuraman (L), Managing Director of Tata Steel, speaks as Philippe Varin, CEO of Corus Group, looks on during a press conference to announce annual financial results of Tata Steel in Mumbai June 26, 2008. Tata Steel, the world's sixth-largest steelmaker, on Thursday reported a tripling in consolidated net profit for the 2007/08 financial year largely due to its purchase of Corus Group. Tata Steel, which completed a $13 billion deal to buy Corus in April 2007 in India's biggest foreign takeover, said consolidated net profit rose to 123.22 billion rupees ($2.9 billion) for the year to March 31 from 41.66 billion in 2006/07, which did not include Corus. REUTERS/Arko Datta (INDIA)

B Muthuraman (L), Managing Director of Tata Steel, speaks as Philippe Varin, CEO of Corus Group, looks on during a press conference to announce annual financial results of Tata Steel in Mumbai June 26, 2008. Tata Steel, the world's sixth-largest steelmaker, on Thursday reported a tripling in consolidated net profit for the 2007/08 financial year largely due to its purchase of Corus Group. Tata Steel, which completed a $13 billion deal to buy Corus in April 2007 in India's biggest foreign takeover, said consolidated net profit rose to 123.22 billion rupees ($2.9 billion) for the year to March 31 from 41.66 billion in 2006/07, which did not include Corus. REUTERS/Arko Datta (INDIA)

B Muthuraman (R), managing director of Tata Steel, and Philippe Varin, chief executive of Corus Group, talk to each other during a news conference to announce the annual financial results of Tata Steel in Mumbai June 26, 2008. Tata Steel, the world's sixth-largest steelmaker, on Thursday reported a tripling in consolidated net profit for the 2007/08 financial year largely due to its purchase of Corus Group. Tata Steel, which completed a $13 billion deal to buy Corus in April 2007 in India's biggest foreign takeover, said consolidated net profit rose to 123.22 billion rupees ($2.9 billion) for the year to March 31 from 41.66 billion in 2006/07, which did not include Corus. REUTERS/Arko Datta (INDIA)

B Muthuraman (R), managing director of Tata Steel, and Philippe Varin, chief executive of Corus Group, talk to each other during a news conference to announce the annual financial results of Tata Steel in Mumbai June 26, 2008. Tata Steel, the world's sixth-largest steelmaker, on Thursday reported a tripling in consolidated net profit for the 2007/08 financial year largely due to its purchase of Corus Group. Tata Steel, which completed a $13 billion deal to buy Corus in April 2007 in India's biggest foreign takeover, said consolidated net profit rose to 123.22 billion rupees ($2.9 billion) for the year to March 31 from 41.66 billion in 2006/07, which did not include Corus. REUTERS/Arko Datta (INDIA)

Tata Group chairman Ratan Tata speaks during the 100th annual general meeting of one of the group's subsidiaries, Tata Steel, in Mumbai August 29, 2007. India's Tata Steel Ltd said its consolidated quarterly earnings rose more than six times, boosted by Corus for which it won a bidding war in January to become the world's sixth-largest steel maker. REUTERS/Punit Paranjpe (INDIA)

Tata Group chairman Ratan Tata speaks during the 100th annual general meeting of one of the group's subsidiaries, Tata Steel, in Mumbai August 29, 2007. India's Tata Steel Ltd said its consolidated quarterly earnings rose more than six times, boosted by Corus for which it won a bidding war in January to become the world's sixth-largest steel maker. REUTERS/Punit Paranjpe (INDIA)

Tata Group chairman Ratan Tata speaks during the 100th annual general meeting of one of the group's subsidiaries, Tata Steel, in Mumbai August 29, 2007. India's Tata Steel Ltd said its consolidated quarterly earnings rose more than six times, boosted by Corus for which it won a bidding war in January to become the world's sixth-largest steel maker. REUTERS/Punit Paranjpe (INDIA)

Shadow of Managing Director of Tata Steel Ltd., B. Muthuraman, falls on the company logo while presenting the company's quarterly results in Mumbai May 17, 2007. India's Tata Steel Ltd. said on Thursday its quarterly net profit rose 41 percent on higher steel prices, but the result lagged analysts' forecasts. Tata Steel, which bought Anglo-Dutch firm Corus Group for $12.9 billion earlier this year, said standalone net profit for the January-March quarter rose to 11.04 billion rupees ($270.6 million) from 7.83 billion rupees reported a year earlier. REUTERS/Arko Datta (INDIA)

B. Muthuraman,managing director of India's Tata Steel Ltd., presents the company's quarterly results in Mumbai May 17, 2007.India's Tata Steel Ltd. said on Thursday its quarterly net profit rose 41 percent on higher steel prices, but the result lagged analysts' forecasts. Tata Steel, which bought Anglo-Dutch firm Corus Group for $12.9 billion earlier this year, said standalone net profit for the January-March quarter rose to 11.04 billion rupees ($270.6 million) from 7.83 billion rupees reported a year earlier. REUTERS/Arko Datta (INDIA)

B. Muthuraman (C),managing director of Tata Steel Ltd., and other officials of the company are reflected onto a mirror as they present the company's quarterly results in Mumbai May 17, 2007. India's Tata Steel Ltd. said on Thursday its quarterly net profit rose 41 percent on higher steel prices, but the result lagged analysts' forecasts. Tata Steel, which bought Anglo-Dutch firm Corus Group for $12.9 billion earlier this year, said standalone net profit for the January-March quarter rose to 11.04 billion rupees ($270.6 million) from 7.83 billion rupees reported a year earlier. REUTERS/Arko Datta (INDIA)

B. Muthuraman,managing director of India's Tata Steel Ltd., presents the company's quarterly results in Mumbai May 17, 2007.India's Tata Steel Ltd. said on Thursday its quarterly net profit rose 41 percent on higher steel prices, but the result lagged analysts' forecasts. Tata Steel, which bought Anglo-Dutch firm Corus Group for $12.9 billion earlier this year, said standalone net profit for the January-March quarter rose to 11.04 billion rupees ($270.6 million) from 7.83 billion rupees reported a year earlier. REUTERS/Arko Datta (INDIA)

B. Muthuraman,managing director of India's Tata Steel Ltd., presents the company's quarterly results in Mumbai May 17, 2007.India's Tata Steel Ltd. said on Thursday its quarterly net profit rose 41 percent on higher steel prices, but the result lagged analysts' forecasts. Tata Steel, which bought Anglo-Dutch firm Corus Group for $12.9 billion earlier this year, said standalone net profit for the January-March quarter rose to 11.04 billion rupees ($270.6 million) from 7.83 billion rupees reported a year earlier. REUTERS/Arko Datta (INDIA)