Sunday, October 17, 2021

Tata Steel India deliveries rise 12% in Q2 to 4.64 mn tonnes

69 % company employees vaccinated  

Jamshedpur, Oct 6: Tata Steel India’s crude steel production grew 2%QoQ and 3%YoY in 2Q FY22. Despite seasonal weakness, overall deliveries increased by 12%QoQ on the back of economic recovery post 2nd wave of COVID-19; deliveries were lower by 8%YoY due to lower exports and stock liquidation focus in the previous year.

The company in a statement said ‘automotive and special products’ segment deliveries increased 12 per cent on a QoQ basis, while the ‘branded products and retail’ segment deliveries were up by 9 per cent QoQ.

Tata Steel also launched its new and superior rebar Tata Tiscon 550SD for retail customers while Tata Steel BSL launched “Tata Steelium Super” which will enhance company’s presence in the retail segment.

It further said that ‘Industrial Products & Projects’ segment deliveries increased by 17%QoQ with increased focus on value added products.

Tata Steel Aashiyana, an e-commerce platform for Individual Home builders, registered a 32% QoQ growth, with gross revenues of Rs 338 crores during the quarter.

Tata Steel Europe’s steel production grew by 19% YoY to 2.56 mn tonnes during the quarter, however, it declined by 4% QoQ due to temporary operational issues at both the Netherlands and UK steelmaking sites. Deliveries were lower by 7% QoQ due to seasonal impact as well as slowdown in automotive steel sales amidst microchip shortages; deliveries were lower by 5% YoY due to stock liquidation focus in the previous year. TSE deliveries remain on target to be materially higher in FY22 than FY21 with improvements seen across the Engineering, Automotive and Construction sectors.

Tata Steel Southeast Asia’s Steel production and sales volume declined by 17% QoQ and 5% QoQ, respectively, primarily due to lockdown in Malaysia and Thailand amidst the spread of COVID-19.

It stated that Tata Steel India has undertaken several vaccination drives at all of its operating locations. Currently, around 98% of its employees are vaccinated for first dose and 69% employees have been administered with second dose.

The company continues to closely monitor COVID-19 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.

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