Mumbai, July 2 -- Tata Steel Ltd has pushed back the target of making its UK business net profit-positive from 2025-26 to 2028-29, when the steelmaker completes its electric arc furnace (EAF) project in the country.

Chandrasekaran said on Thursday that the UK business is expected to become Ebitda- and PAT-positive by FY29. "So, we hope to stem the losses, and this (EAF) project will be completed in FY29. At that time, the company should not just be Ebitda positive, it should also be PAT positive. That is the target that we have for the UK," he told shareholders at this year's annual general meeting.

Ebitda is short for earnings before interest, taxes, depreciation and amortization, while PAT stands for profit after tax.

The revised dea...