Biznextindia : Tata Steel India has reported 3 percent year-on-year (Yoy) rise in its crude steel production at 4.73 million tonnes (MT) in the second quarter of FY22 as against 4.59 MT in the second quarter of FY21. However, the company’s deliveries dipped by 8 percent to 4.64 MT.
“Despite seasonal weakness, overall deliveries increased by 12% QoQ on the back of economic recovery post 2nd wave of COVID-19; deliveries were lower by 8% YoY due to lower exports and stock liquidation focus in the previous year” said the company.
Tata Steel Europe’s steel production grew by 19%YoY to 2.56 mn tons during the quarter, however, it declined by 4%QoQ due to temporary operational issues at both the Netherlands and UK steelmaking sites. Deliveries were lower by 7%QoQ due to seasonal impact as well as slowdown in automotive steel sales amidst microchip shortages; deliveries were lower by 5%YoY due to stock liquidation focus in the previous year. TSE deliveries remain on target to be materially higher in FY22 than FY21 with improvements seen across the Engineering, Automotive and Construction sectors.
On the other hand, Tata Steel Southeast Asia’s Steel production and sales volume declined by 17%QoQ and 5%QoQ, respectively, primarily due to lockdown in Malaysia and Thailand amidst the spread of COVID-19.