Indian steel producer Tata Steel reported that its consolidated steel production in the first quarter of 2024 increased by 4.5% quarter-on-quarter to 7.92 million tonnes. This figure increased by 1.5 % compared to the same period of 2023. Steel shipments in the January-March period of this year also increased by 11.6% quarter-on-quarter and 2.6% year-on-year to 7.98 million tonnes.
The company's India unit produced 5.4 million tonnes of steel in this period, up 0.9% quarter-on-quarter and 4.8% year-on-year. Steel shipments were 5.42 million tonnes, up 11.1% quarter-on-quarter and 5.2% year-on-year.
In the first quarter, Tata Steel's consolidated revenue increased 6.1 percent quarter-on-quarter to Rs 58,683 crore (equivalent to US$ 704.20 million), down 6.8 % compared to the same period in 2023. Profit for the period was Rs 555 crore (equivalent to USD 6.66 million), down 64.5 % YoY but up 6.3 % QoQ. EBITDA was Rs 6,631 crore, equivalent to US$ 79.57 million.
Tata Steel CEO T.V. Narendran said steel demand in India is expected to grow by 8-10% in the current financial year compared to the previous financial year.
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