Tata Steel enters Fortune Global 500 list; ranked 231
06 Aug 2008
The world's sixth largest steelmaker Tata Steel, has made its maiden entry in the list of Global 500 Companies compiled by Fortune magazine. An official clarification on Fortune's website ranks Tata Steel at 231 in the list of Global 500 Companies and not 315 as mentioned in the print edition of Fortune magazine.
Based on the consolidated nine-month financial results, Fortune ranked Tata Steel at 315th position, which it corrected to 231 subsequent to the publication of the annual results of Tata Steel, shortly after the publication's deadline for the selection for the Global 500 rankings.
Fortune, in a clarification on its website, said that the company would have been placed at the 231st position on the list and not 315.
"Tata Steel's revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was $32.8 billion," the fortune website clarified. "Had the information been available, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec. 31, 2007, of $25.7 billion."
The annual Fortune 500 list is based on the gross revenues of companies. Wal-Mart tops the lst. Seven Indian Companies have found their way into the list of Fortune 500 companies - Indian Oil, Reliance India Limited, Bharat Petroleum, Hindustan Petroleum, ONGC and SBI.
With the integration of Corus Plc, which it acquired in january 2007, Tata Steel has a total crude steel production capacity of around 30 million tonnes and is the second most globally diversified steel group.