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Tata Steel reports lower production, sales in March quarter of 2018

Mumbai: Leading steel manufacturer Tata Steel has reported a 6.23 percent drop in national sales at 3.01 million tonnes (mt) and a 4.06 percent drop in production at 3.07 mt in the March quarter (Q4FY18).

The company has sold 3.21 mt in the Indian market in the same period uring 2017, while the production stood at 3.20 mt.

Moreover, the company cited breakdown in the blast furnace at Kalinganagar plant as the main cause for reduced production and sales, according to a statement by the company.

Tata Steel Europe sales volumes were also lower at 2.48 mt in Q4FY18, compared with 2.85 mt in Q4FY17, while the production remained flat at 2.62 mt mainly due to unplanned outages, it said.

Nevertheless, the production and sales volumes of the company in South East Asia were stable on a quarter-on-quarter basis, according to the release. The company had earlier this month reported an 11 percent rise in domestic sales at 12.13 mt in the financial year 2017-18, compared with 10.97 mt in FY17.

It's production also increased to 12.48 mt in FY18, against 11.68 mt in the previous year. Tata Steel said its domestic production improved with better utilisation at Jamshedpur works coupled with continued ramp-up at Kalinganagar in FY18.

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