Tata Steel BSL production and sales performance for Q1 FY21

Tata Steel BSL production and sales performance for Q1 FY21

Jul 09, 2020 11:07 IST capital market

Tata Steel BSL achieved crude steel production of 659,000 tonnes in Q1 FY21 (provisional) compared to 1122,000 tonnes in Q1 FY20 and 1121,000 tonnes in Q4 FY20. Sales stood at 694,000 tonnes in Q1 FY21 compared to 863,000 in Q1 FY20 and 980,000 in Q4 FY20.

Production and Sales were impacted in 1QFY21 as the outbreak of COVID-19 and ensuing mobility restrictions severally impacted industrial activity and consumer sentiment. This affected Crude Steel Production and sales during the quarter.

Tata Steel BSL started ramping up its steel making operation at Angul in the 2nd half of June 2020. Downstream facilities are also being ramped up progressively on the back of improvement in market demand and higher capacity utilization.

While April and May 2020 sales were lower, the company achieved the level of pre-COVID sales volumes in June 2020 with the phased opening of economic activity in India supported by ramp up of production, launch of branded products and higher exports sales.

Tata Steel BSL is closely monitoring the situation and taking appropriate actions as per the directions issued by the regulatory authorities from time to time keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.

Tata Steel BSL continues to stay focused on managing costs and working capital, and ensuring adequate liquidity.

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