Tata Steel Posts Record Indian Output After Bhushan Purchase
Production rose 35 percent to 16.79 million tons in the year ended March 31, as Bhushan Steel added 4.2 million tons to output.
(Bloomberg) -- Tata Steel Ltd.’s Indian steel output rose to a record in its latest financial year thanks to its 2018 acquisition of Bhushan Steel Ltd. assets, potentially making Tata the country’s biggest producer.
Production rose 35 percent to 16.79 million tons in the year ended March 31, as Bhushan Steel added 4.2 million tons to output, the Mumbai-based company said in a statement Saturday. Tata’s volumes are a tad higher than the 16.75 million tons targeted by JSW Steel Ltd., which was India’s biggest steel mill in the previous fiscal year. JSW has yet to release its final number for the latest 12 month period.
Tata Steel has been shifting its focus to India, where demand is growing due to a government-led emphasis on building new infrastructure. The state-run Steel Authority of India Ltd. also reported a record production of 16.3 million tons earlier this week.
However, steel production at Tata’s Europe division fell 3.7 percent to 10.3 million tons during the 12 months to March, the company said. The European Commission is reviewing a plan by Tata to merge its European operations with those of Thyssenkrupp AG.
To contact the reporter on this story: Swansy Afonso in Mumbai at safonso2@bloomberg.net
To contact the editors responsible for this story: Phoebe Sedgman at psedgman2@bloomberg.net, Marcus Wright
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