Tata steel India deliveries rise 12% in Q2; crude steel production muted1 min read . Updated: 06 Oct 2021, 02:22 PM IST
- Tata Steel India's crude steel production grew 2% at 4.73 million tonnes as against 4.63 million tonnes in the previous quarter
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Tata Steel saw a muted September quarter (Q2FY22) in terms of overall volume deliveries and crude steel production, the company said in a filing on Wednesday.
The company's India crude steel production grew 2% at 4.73 million tonnes as against 4.63 million tonnes in the previous quarter (Q1FY22). However, when compared with the same quarter last year, the steel production rose 3%.
Tata Steel Europe clocked a steel production of 2.56 million tonnes as compared to 2.67 million tonnes in the last quarter, a decline of 4%. The muted production in the Europe business was mainly due to temporary operational issues at both the Netherlands and UK steelmaking sites.
Even deliveries were lower by 7% quarter-on-quarter due to seasonal impact as well as slowdown in automotive steel sales amidst microchip shortages.
Tata Steel said its Europe's deliveries remain on target to be materially higher in FY22 than FY21 with improvements seen across the engineering, automotive and construction sectors.
The company said, despite seasonal weakness, overall delivery volumes grew 12% quarter-on-quarter on the back of economic recovery post second wave of Covid-19.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
On Wednesday, Tata Steel scrip declined 1.69% at ₹1,294.60 in afternoon trade on NSE.
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