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Tata Steel's second quarter sales fell 2%

Global steel giant Tata Steel faced a 2% decline in sales in the second quarter of this year. Tata Steel reported that its sales in the September quarter fell 2 percent to 4.82 million tonnes in the same period last year, due to weak demand.

Tata Steel's second quarter sales fell 2%

Sales in Europe and Thailand followed a similar trend, with both markets recording a 4% decline, at 1.79 million tonnes (1.87 million tonnes) and 0.28 million tonnes (0.30 million tonnes) respectively. This decline was due to a decrease in global demand.

However, production in India defied this trend and increased from 4.80 million tonnes to 4.99 million tonnes. On the other hand, there was a decrease in production in Europe and Thailand, with production decreasing from 2.40 million tons to 1.99 million tons and from 0.30 million tons to 0.28 million tons, respectively.

On a half-year basis, Tata Steel's sales in India rose 7% year-on-year from 8.98 million tonnes to 9.62 million tonnes. While this increase was supported by an increase in domestic market deliveries, exports decreased by 52% on an annual basis, falling to 0.45 million tons.

The Automotive and Specialty Products segment showed a positive development, with an increase of approximately 7% year-on-year, and reported its best sales in the September quarter. Tata Steel also announced that it has started receiving approvals from automotive OEMs for cold rolled steel produced at its newly commissioned Cold Rolling mill in Kalinganagar.

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