Tata Steel Crude Steel Production Rises 4.65% In July-September
Tata Steel Ltd. on Thursday said its crude steel production increased 4.65 percent at 4.5 million tonne in second quarter ended Sept. 30 as against 4.3 MT in the corresponding quarter last fiscal.
The crude steel production also includes numbers from Tata Steel BSL and Tata Steel Long Products, without eliminating inter-company transactions, the company said in a statement.
Its overseas arm Tata Steel Europe reported liquid steel production of 2.46 million tonne during quarter as against 2.42 million tonne in Q2 FY19.
“Tata Steel Europe's Q2FY20 production volume was lower primarily with adjustments related to weak market conditions, planned summer shutdowns and unplanned outages,” the company said.
Tata Steel South East Asia reported a saleable steel production stood at 5.7 lakh tonne as compared to 5.4 lakh tonne in Q2 FY19.
The sales, however, declined across the three markets with Tata Steel reporting a sales of 4.14 million tonne in Q2 FY20 from 4.32 million tonne.
Tata Steel Europe and Tata Steel South East Asia reported sales of 2.28 million and 6.1 lakh tonne as against 2.27 million and 6.5 lakh tonne in Q2 FY20.
“During the quarter, lower volumes to automotive segment were compensated by higher exports while deliveries in branded products and retail segment and industrial product and projects segment were maintained,” it said.
The company further said that the recent rate cuts by the RBI are a welcome step to improve liquidity through transmission of the rate cuts is not evident and hence the credit off-take has not yet picked up.
“However, as the monsoon season comes to an end and the festive season starts, an improvement in sentiment is expected to trigger a pick-up in consumption and thus, steel demand,” it said.