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Tata steelworks Port Talbot, Wales, April 26, 2016.Reuters file

Tata Steel will be declaring its fourth quarter (Q4) and FY2017 results on May 16, the company informed stock exchanges in a regulatory filing a few days ago.

The meeting will also recommend dividend, if any, for the financial year 2016-17, the company said in a regulatory filing to the BSE.

Read: National Steel Policy 2017 likely to lift Tata Steel, JSW, Jindal Stainless, SAIL share prices

On May 2, the company had said it sold its UK speciality steels business to Liberty House Group for £100 million.

"The sale covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China," Tata Steel said in a filing to the BSE.

The speciality steels business employs about 1,700 people and makes products for aerospace, automotive and oil and gas industries.

The Indian government had recently unveiled its National Steel Policy 2017 that envisages increasing the country's steel production capacity from the current 100 million tonnes per annum to 300 million tonnes by 2030, still short of China.

"China has a capacity of over 800 million tonnes and remains by far the largest player in the steel industry with over 50 percent of the world's steel capacity," Angel Broking said in an update. The massive expansion will entail an investment of almost $150 billion. 

Tata Steel shares closed 0.83 percent lower at Rs 437 on Friday on the BSE.

Other steel companies in India include JSW Steel, Welspun, state-run SAIL, Jindal Stainless and Maharashtra Seamless.

The top three steel producers of the world are China, Japan and India.

In 2016, global steel production rose 0.8 percent to 1,628 million tonnes, with China accounting for 808.4 milllion tonnes, or 49.6 percent, of the total world output, according to the World Steel Association.

Japan produced 104.8 million tonnes while India's crude steel production was 95.6 million tonnes, an increase of 7.4 percent over 2015. South Korea produced 68.6 million tonnes of crude steel in 2016, marking a decrease of 1.6 percent when compared to 2015.

The global growth rate for the commodity is expected to rise from 1 percent in 2016 to 1.3 percent (to 1,535.2 million tonnes) this calendar year but slow down to 0.9 percent next year to 1,548 million tonnes, reflecting divergent trends worldwide, especially in China, which accounts for about 45 percent of world demand.

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Men work Tata Steel's new robotic welding line at their Automotive Service Centre in Wednesfield, Britain, February 15, 2017.Reuters file