In its regulatory filing, Tata Steel said, in India, in 2QFY21, overall apparent steel consumption was down by 7.5% 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, we increased our crude steel production by 54% qoq and 2% yoy to 4.59mn tons. We leveraged our robust marketing network and strong customer relationships to reach our highest ever quarterly deliveries of 5.05mn tons which translates to 72% qoq and 22% yoy growth. We reduced exports to 24% of overall deliveries and sharply ramped up domestic deliveries to 3.86 mn tons which translate to an increase of 164% qoq and 10% yoy," Tata Steel added.
Meanwhile, delivery volumes stood at 2.26MT in Europe market, and at 0.55MT in South East Asia market during Q2FY21. Production volumes were at 2.15MT and 0.52MT in Europe and South East Asia market.
During 2QFY21, global economic activity has started to recover with phased relaxations in lockdown measures, however, the pace of improvement has been varying across the geographies, said Tata Steel.
The company further said Tata Steel continues to closely monitor the situation and take appropriate actions in line with the directions issued by the regulatory authorities keeping in view the health and safety of its employees and the community, and the interests of its customers and other stakeholders. We also continue to stay focused on aggressively managing costs and cashflows.
At around 12.59 PM, Tata Steel stock was trading at Rs374.25, per piece up 0.19% on Sensex. The stock has touched the day's high of Rs386.90 per piece.