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The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Increasing competition in product and capital markets has put tremendous pressure on managers to become more cost competitive. To address their firms' uncompetitive cost structures, managers may have to consider dramatic restructuring of their businesses. During 2014–2017, Tata Steel Ltd (TSL) UK considered a series of divestitures and a merger plan to nurse the company back to health. The case considers the economics of the restructuring plan. The case is designed to help students analyze a corporate downsizing program undertaken by a large Indian company in the UK and to highlight the dynamic role of the CFO and governance issues in family firms. It introduces students to issues surrounding a typical restructuring and provides students a platform to practice the estimation of value creation in a restructuring exercise. While some cases on corporate restructuring in the context of developed economies are available, there are very few cases written in an emerging market context. This case bridges that gap. TSL presents a unique opportunity to study corporate restructuring necessitated by a failed cross-border acquisition. It illustrates the potential for value loss in large, cross-border acquisitions. It shows how managerial hubris can prompt family firm owners to overbid in acquisitions and create legacy hot spots. In addition, the case can be used to discuss the causes of governance failures such as weak institutional monitoring and poor legal enforcement in emerging markets that could potentially harm minority shareholders.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

The aerospace, energy and automotive industries have seen wide use of composite materials because of their excellent mechanical properties, along with the benefit of weight reduction savings. As such, the purpose of this study is to provide an understanding of the mechanical performance of these materials under extreme operational conditions characteristic of in-service environments.

This study is novel in that it has evaluated the tensile performance and fracture response of additively manufactured continuous carbon fiber embedded in an onyx matrix (i.e. nylon with chopped carbon fiber) at cryogenic and room temperatures, for specimens manufactured with an angle between the specimen lying plane and the working build plane of 0°, 45° and 90°.

Research findings reveal enhanced tensile properties (i.e. ultimate tensile strength and modulus of elasticity) by the 0° (X) built specimens, as compared with the 45° (XZ45) and 90° (Z) built specimens at cryogenic temperature. A reduction in ductility is observed at cryogenic temperature for all build orientations. Fractographic analysis reveals the presence of fiber pullout/elongation, pores within the onyx matrix and chopped carbon fiber near fracture zone of the onyx matrix.

Research findings present tensile properties (i.e. ultimate tensile strength, modulus of elasticity and elongation%) for three-dimensional (3D)-printed onyx with and without reinforcing continuous carbon fiber composites at cryogenic and room temperatures. Reinforcement of continuous carbon fibers and reduction to cryogenic temperatures appears to result, in general, in an increase in the tensile strength and modulus of elasticity, with a reduction in elongation% as compared with the onyx matrix tensile performance reported at room temperature. Fracture analysis reveals continuous carbon fiber pull out for onyx–carbon fiber samples tested at room temperature and cryogenic temperatures, suggesting weak onyx matrix–continuous carbon fiber adhesion.

To the best of the authors’ knowledge, this study is the first study to report on the cryogenic tensile properties and fracture response exhibited by 3D-printed onyx–continuous carbon fiber composites. Evaluating the viability of common commercial 3D printing techniques in producing composite parts to withstand cryogenic temperatures is of critical import, for aerospace applications.