Bhubaneswar: Tata Steel India has reported 55 percent Year on Year (YoY) rise in steel production in the April-June Quarter (Q1FY22) at 4.62 Million Tonnes (MT) against 2.99 MT in Q1 FY21.
However, on Quarter on Quarter (QoQ) basis the company’s steel production dropped by 2.6 percent from 4.75 MT in the previous quarter (January-March 2021) due to supply of over 47,800 tons of liquid medical oxygen to hospitals amidst the 2nd wave of COVID-19 pandemic.
Tata Steel’s deliveries during quarter also grow 42 percent YoY to 4.15 MT as against 2.93 MT in the corresponding quarter last fiscal. However, on Quarter on Quarter (QoQ) basis the company’s deliveries declined by 11 percent from 4.67 MT in the preceding quarter. The decline was due to partial lockdowns announced by some of states and temporary shutdowns in few steel consuming sectors amidst the 2nd wave of COVID-19 pandemic. To offset the impact, exports were increased to 16% of the total sales vs 11% in 4QFY21.
The company has said that the domestic market has been improving since mid-Jun’21 with easing lockdowns.
Meanwhile, Tata Steel Europe’s Steel production grew by 27%YoY to 2.73 MT and Steel deliveries increased by 19%YoY. Tata Steel Southeast Asia’s Steel production grew by 49%YoY to 0.59 MT and Steel deliveries increased by 50%YoYyo 0.63 MT.