Tata Steel is world's best steel producer

Overriding stiff global competition, India's private sector steel giant Tata Iron and Steel Company has attained recognition as the "best steel company" in the world.

Competing with 22 world class steel makers including Korean giant Posco and world's largest steel producer L N Mittal group, the company from the House of Tatas was ranked number one by World Steel Dynamics.

"Tata Steel's selection as the topmost steel manufacturing company by WSD is a vindication of the success of the sweeping and radical changes made by the company to keep it vibrant, competitive and sustainable," B Muthuraman, managing director of Tata Steel said in New Delhi.

The 23 steel companies which were covered in the WSD report included L N Mittal steel, Bao Steel of China, Posco of South Korea, US Steel, Tata Steel, Arcelor of Europe and others.

The 20 stiff parameters considered for arriving at the title of best steel maker included cash operating costs, harnessing technological revolution, profitability in last four years, strength of balance sheet, dominance in the country/region, threat from nearby competitors and stock market performance.

Tata Steel scored highest 8.45 marks followed by Posco with 8.25 marks.