Tata Steel Europe could do better in next two quarters

Tata Steel reported its best quarterly performance ever in the first quarter, posting more profits than last year. Tata Steel Group's chief executive and CFO, Koushik Chatterjee, said in a conversation with The Telegraph that the market will remain strong despite the fall in iron ore prices, which led to a sharp correction in steel prices on Friday amid fears that the same could follow. He said he would reduce the company's debt by a similar amount last year. Tata Steel had reduced its debt by $4 billion in 2020-21.

Tata Steel recorded more profit in the first quarter than in the whole year 2020-21. Analysts also revised their target prices for Tata Steel. How do you analyze changes in the industry background over the rest of the year?

“Indeed, we had good operating and financial performance during the quarter and reported a profit of 9,786 crore after tax for this quarter. This was a result of stable operating performance, focus on cost growth, strong market conditions and business performance.

There have been several structural developments in the steel industry that have made themselves evident in the last few years, chief among them permanent supply-side changes.”