ABSTRACT
An environmentally responsible and commercially feasible approach to creating, delivering, and capturing value is what makes a company model sustainable. A substantial departure from conventional thinking can be seen in the idea of a sustainable company model. Building businesses from the ground up with sustainability as its cornerstone is more important than just adding eco-friendly practices to already-existing structures. These models make long-term value creation the top priority over maximising short-term profits, guaranteeing that companies not only survive but also prosper in the world of the future.Businesses are seeing the value of implementing sustainable practices as the globe battles social inequity, environmental deterioration, and climate change. In order to ensure long-term viability and profitability, sustainable business models place a high priority on environmental, social, and economic responsibility.
The companies are bringing a great change in business practices to achieve sustainability. They are shifting to renewable energy, bringing a change in supply chain optimisation, increasing the circular economy, designing eco-friendly products and encouraging stakeholders to participate in these practices. These sustainable business practices not only mitigate environmental degradation and social inequality but also yield economic benefits, including cost savings, enhanced brand reputation, and increased customer loyalty. Successful implementation of these models requires strategic planning, stakeholder engagement, and continuous monitoring and evaluation.
Founded in 1907, Tata Steel is a leading steel producer with operations in India, Southeast Asia, and Europe. With a capacity of 33 million tons per annum, Tata Steel is among the world’s top 10 steel producers. It has successfully integrated sustainability into its business strategy, embracing the circular economy concept. With sustainable business practice, Tata Steel has reduced 40% in greenhouse gas emissions (2016-2022), 30% in energy consumption (2016-2022), 25%in water consumption (2016-2022) and 80% of waste is recycled or reused (2022). The objective of this paper is to study the sustainable business practices adopted by Tata Steel and their impact on the environment.
Keywords: Tata Steel, sustainable business models, environmental sustainability, social responsibility, circular economy, innovation, stakeholder engagement, long-term viability.
Introduction:
Tata Steel is one of the leading steel manufacturing companies globally and is a key part of the Tata Group, a prominent Indian multinational conglomerate. Established in 1907 by Jamsetji Tata, the company has a rich legacy and has been instrumental in shaping the Indian steel industry. Over the years, Tata Steel has grown to become a significant player in the global market, with operations spanning several countries, including India, the UK, and the Netherlands[1].
The company offers a diverse range of steel products, including flat and long steel products, tubes, and speciality steels. These products cater to various industries such as construction, automotive, and manufacturing. Tata Steel is renowned for its commitment to quality and innovation, consistently investing in research and development to enhance its product offerings and meet the changing demands of its customers.
In addition to its business operations, Tata Steel places a strong emphasis on sustainability and corporate social responsibility. The company actively implements initiatives aimed at reducing its environmental impact and promoting sustainable practices in steel production. Furthermore, Tata Steel is dedicated to contributing to the communities it operates in, supporting education, healthcare, and various social development programs. Overall, Tata Steel stands out as a leader in the steel industry, recognised for its quality, innovation, and commitment to responsible business practices.
[1]https://www.tata.com/business/tata-steel