Tata Steel Current Affairs - 2019
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Tata Steel has been recognised as one of World’s Most Ethical Companies by the Ethisphere Institute for 2019. Ethisphere Institute is a global leader in defining and advancing the standards of ethical business practices.
For the eighth time, Tata Steel has got the recognition eight times in the ‘Metals, Minerals and Mining’ category. Tata Steel is one of the only two honorees in the ‘Metals, Minerals and Mining’ industry.
World’s Most Ethical Companies 2019
128 companies are recognized for exemplifying and advancing corporate citizenship, transparency and the standards of integrity in the year 2019.
The honorees are from 21 countries and 50 industries. The list includes 16 first-time honorees and eight companies that have been named to the list every year since 2007.
The companies are listed World’s Most Ethical Companies based on their score in the Ethisphere’s Ethics Quotient which collects and objectively scores self-reported data in five weighted categories namely:
- Leadership and Reputation
- Ethics Compliance Programme
- Culture of Ethics
- Corporate Citizenship and Responsibility
The other Indian company to find a place in the list of World’s Most Ethical Companies 2019 is Wipro.
The World Economic Forum has recognised Tata Steel’s plant at IJmuiden in the Netherlands as Manufacturing Lighthouse with state-of-the-art production facilities which successfully adopt and integrate the cutting-edge technologies of the future and drive financial and operational impact.
Recognition to Tata Steel
The recognition of the Tata Steel was due to the following factors:
- Acknowledgement of the thriving culture of innovation at Tata Steel and advanced analytics team’s vision and commitment to realise more efficient, productive and responsible steelmaking.
- The pioneering use of advanced analytics to optimise the way raw materials are used, increase the yield at every step of the steelmaking process and further improve logistics between the different processes and the quality of the product for customers.
- The Advanced Analytics Academy gives Tata Steel employees an impetus to find solutions for waste reduction, quality improvement and overall reliability of production processes.
The World Economic Forum organizes a network of leading intelligent production companies as Manufacturing Lighthouses under its ‘Shaping the Future of Production’ initiative to allow the exchange of knowledge and promote collaborations in the area of the ‘Fourth Industrial Revolution’ in production.
These Manufacturing Lighthouses showcases how best a strategy for the Fourth Industrial Revolution be developed by training employees, cooperating with other parties, implementing changes in the workplace and in the value chain through greater efficiency and contribute to reducing the climate footprint of production companies by 50 per cent.
Tags: climate footprint of production • Factory of the Future • Fourth Industrial Revolution • Manufacturing Lighthouses • Shaping the Future of Production' initiative • Tata Steel • World Economic Forum