Friday, January 22, 2021

Tata Steel reports strong crude steel production in Q3

Jamshedpur, Jan 8: Tata Steel India’s crude steel production in 3QFY21 remained strong at 4.60 million tons, registering a 3% growth as compared to 4.47 million tons reported during the corresponding quarter of the last financial year.

The Company saw strong sales momentum in during the October-December 2020 quarter. Figures for Tata Steel India includes Tata Steel Standalone, Tata Steel BSL and Tata Steel Long Products. Domestic deliveries sharply ramped up to 4.16 mn tons which translates to an increase of 8%QoQ and 4%YoY.

The Company’s ‘Automotive & Special Products’ segment deliveries grew 48%QoQ on the back of improvement in overall demand, increased share of business from existing customers and new product approvals.

‘Branded Products & Retail’ segment deliveries grew by 5%QoQ with B2C brands Tata Shaktee and Tata Tiscon achieving best-ever quarterly sales. The Company launched a new B2ECA brand “Galvanova” to serve the need of appliances, false ceiling and solar segments.

Tata Steel achieved a 47%QoQ delivery volume growth in high-end segments as the Company continued to focus on product mix enrichment by catering in sub-segments such as Oil & Gas, Lifting & Excavation and Pre-Engineered Buildings.

Gross revenue generated through ‘Aashiyana’, the online platform for Individual Home-Builders, surged to Rs.222 crores in 3QFY21, registering a growth of 134% as compared to corresponding quarter a year ago.

The Company continues to closely monitor the pandemic 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. Tata Steel also remains focused on aggressively managing costs and cashflows while pursuing deleveraging.

During the quarter, despite planned maintenance shutdowns, the Company was able to ramp-up steel production at Tata Steel Europe by 22%QoQ and 4%YoY. This was aimed at replenishing inventory ahead of improving market condition and seasonally better 4QFY21.

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