7.6 C
London
Thursday, March 21, 2024
HomeBusinessTata Steel posts quarterly net loss

Tata Steel posts quarterly net loss

Date:

Related stories

Sunak launches measures to help small businesses in weak economy

PRIME MINISTER Rishi Sunak on Monday (18) launched measures...

Audi India plans local assembly of EVs: Balbir Singh Dhillon

AUTOMAKER Audi India is looking to commence local assembly...

February inflation eases to 3.4 per cent; lowest in 2.5 years

Britain’s annual inflation rate fell more than expected in...

Sunak’s father-in-law gifts grandson Infosys shares worth £23m

THE father-in-law of prime minister Rishi Sunak and the...

Sham trading: FCA fines trader £5.95 m

The Financial Conduct Authority (FCA) has fined trader Nailesh...

INDIA’S Tata Steel, the world’s eighth-largest steelmaker, on Friday (November 9) swung into a surprise quarterly net loss from profit a year earlier, due to falling demand and prices in its key European market.

 

Tata Steel reported a consolidated net loss of Rs3.64bn ($67m/£) from July to September, from Rs2.12bn ($38m/£24m) over the same period a year earlier, while sales rose four per cent to Rs338.67bn ($61m/£38m).

 

Steelmakers around the world have been suffering from a slowdown in demand as industrial growth loses pace in emerging economies such as India and China and expansion remains sluggish in advanced western economies.

 

Europeaccounts for about two-thirds of sales and production for the steelmaker, which has an annual capacity of some 28 million tonnes.

 

Tata Steel, part of the sprawling Tata Group conglomerate, became one of the world’s biggest steelmakers after purchasing the Anglo-Dutch company Corus for $13.7bn (£8.61bn) in 2007.

 

Corus was rebranded as Tata Steel in September 2010.

 

India’s industrial activity has been muted, growing 2.7 per cent in August from a year earlier, data showed last month.

 

The once-booming economy has been hit by a combination of high interest rates, rising input costs, slowing exports, and sluggish investment caused by domestic and overseas concerns about policy and corruption.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five × 3 =