Tata Steel has moved six notches up in Fortune magazine’s 2011 power list of the world’s most admired companies.

The steel behemoth moved from 12th to sixth rank in its third consecutive year of nomination, it was announced in Mumbai this morning. Tata Steel has been ranked sixth in the industry-metals category in the annual survey, conducted jointly by Fortune magazine and global management consulting firm Hay Group.

The survey was conducted amongst Fortune 1,000 companies, non-US global 500 companies with revenues of $10 billion or more and top foreign companies operating in the US. Hay Group has collaborated with Fortune since 1997 to identify, pick and rank the world’s most admired companies.

Managing director Hay Group (India) Gaurav Lahiri congratulated the steel major and said: “It is a moment of pride for the entire nation as Tata Steel is the only Indian company to feature in the top 10 in any section of the Fortune ranking for two years in a row.”

Receiving the trophy, managing director Tata Steel H.M. Nerurkar, said: “At Tata Steel, it is our constant endeavour to improve in key areas such as innovation, talent management and community development to maintain our position as one of the most sustainable companies globally. This ranking is a strong indication that we are successful at what we do. We hope to do better in the coming years.”

Lahiri said the survey was unique as industry peers ranked the companies. “This methodology adds credibility to the survey, making it a definitive report card of corporate reputations within and across verticals,” he added.

Corporate performance was measured against 10 attributes — innovation, people management, use of assets, social responsibility, quality of management, financial soundness, long-term investment, products and services and global competitiveness.

Source:http://www.telegraphindia.com/1110625/jsp/jharkhand/story_14157907.jsp