Tata Steel Indias production volume rose 2% to 4.59 million tonnes while the delivery volumes jumped 22.28% to 5.05 million tonnes in Q2 FY21 over Q2 FY20.
In India, in Q2 FY21, overall apparent steel consumption was down by 7.5% year-on-year (YoY) while crude steel production was down by 1.9% YoY. In this environment, Tata Steel India ramped up its steelmaking and downstream operations back to pre-COVID level, with all major sites operating at around full capacity utilization.
During the quarter, the company reduced exports to 24% of overall deliveries and sharply ramped up domestic deliveries to 3.86 million tonnes. The growth in domestic deliveries was broad based with YoY growth across all key business verticals, the steel major added.
Tata Steel Europes production volume declined 12.24% to 2.15 million tonnes while the delivery volumes fell 1.31% to 2.26 million tonnes in Q2 FY21 over Q2 FY20. In Europe, macroeconomic and steel demand recovery is more gradual,? the company said in a BSE filing.
Tata Steel South East Asias production volume contracted 8.77% to 0.52 million tonnes while the delivery volumes were down by 8.33% to 0.55 million tonnes in the second quarter as compared to the same period last year.
Tata Steel said that during Q2 FY21, global economic activity has started to recover with phased relaxations in lockdown measures, however, the pace of improvement has been varying across the geographies. The company continues to stay focused on aggressively managing costs and cashflows.
The steel major reported consolidated net loss of Rs 4,648.13 crore in Q1 June 2020 as against net profit of Rs 714.03 crore in Q1 June 2019. Consolidated net sales slumped 32.7% to Rs 23,812.50 crore in Q1 June 2020 over Rs 35,382.16 crore in Q1 June 2019.
Tata Steel group is an Indian multinational steel-making company
Powered by Capital Market - Live News