Saturday, January 28, 2023

Tata Steel achieves highest-ever quarterly deliveries of 5.05 MnT in India

Jamshedpur: Tata Steel today announced provisional key production and delivery volumes for the second quarter of financial year 2020-2021.

Tata Steel India ramped up its steelmaking and downstream operations back to pre-Covid level, with all major sites operating at around full capacity utilisation. During the September quarter of current financial year, the Company increased its crude steel production to 4.59 mn tons, an increase of 54% as compared to June quarter of this fiscal and 2% compared to the September quarter of last fiscal (FY20).

Tata Steel leveraged its robust marketing network and strong customer relationships to reach its highest-ever quarterly deliveries of 5.05 mn tons, which translates to 72%QoQ and 22%YoY growth.

Also Read:  11th Edition of Tata Steel Kolkata Literary Meet 2023 to be held from Jan 21 to 26, 2023

The Company reduced exports to 24% of overall deliveries and sharply ramped up domestic deliveries to 3.86 mn tons which translates to an increase of 164%QoQ and 10%YoY.

The growth in domestic deliveries was broad based with YoY growth across all key business verticals:

  • ·Automotive & Special Products’ segment deliveries grew 10%YoY with pick-up in sector demand especially in two wheelers and passenger vehicle segment. Tata Steel also gained Share of Business in the new passenger and light commercial vehicle launches.
  • ·Branded Products & Retail’ segment deliveries grew by 5%YoY with deliveries to B2ECA sector growing by 9%YoY. Tata Shaktee achieved a delivery volume growth of 22%YoY with robust rural demand.
  • ·‘Industrial Products & Projects’ segment deliveries grew by 13%YoY. Tata Steel achieved a 31%YoY growth in value added product deliveries within the segment as the Company continued to focus on product mix enrichment by catering to discerning customers in segments such as Oil & Gas, Lifting and Excavation and Precision Tubes.
Also Read:  Tata Steel Jamshedpur Works installs solar power project of 1.17MWp

In Europe, macroeconomic and steel demand recovery is more gradual. Tata Steel Europe’s 2QFY21 sales volume increased by 14%QoQ to 2.26mn tons; Steel production was stable on QoQ basis.

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. The Company also continue to stay focused on aggressively managing costs and cashflows.

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