Tata Steel reports lower winnings

India Tata Steel reported that its profit fell more than 87 percent due to falling steel prices.

Founded in 1907, Tata Steel reported consolidated net income of $182.87 million in the three months to September 30.

“The use of high-value raw materials and steel inventories coincided with the decline in sales, which led to lower margins in different regions,” said Kusik Chatterjee, Chief Financial Officer.

Tata Steel announced in September that its six subsidiaries have merged with the parent company to increase operational efficiency, optimize raw material usage and reduce costs.