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Tata Steel Ltd reported its highest-ever quarterly crude steel production at 6.34 million tons
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Production rose 12% YoY and sequentially, led by Jamshedpur and Kalinganagar plants
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India deliveries crossed 6 million tons for the first time with a 14% YoY increase
Tata Steel Ltd. achieved its 'best-ever quarterly' crude steel production in the October-December period, leading to higher deliveries.
Local production jumped 12% both on an annual and sequential basis to 6.34 million tons, primarily aided by higher output at Jamshedpur and Kalinganagar facilities, according to provisional business updates disclosed to the stock exchanges on Wednesday.
Improved production led to 'best-ever quarterly' deliveries and Tata Steel India crossed the 6 million ton mark for the first time. Deliveries were up 9% QoQ and 14% YoY, primarily aided by strong sales in the domestic market, the statement said.
Tata Steel Netherlands liquid steel production came in at 1.68 million tons and deliveries were 1.4 million tons. Seasonal factors and subdued market dynamics led to lower deliveries on a sequential basis.
Deliveries from operations in Thailand improved by 5% YoY primarily driven by strong domestic rebar sales.
Domestic Operations
Tata Steel's automotive and special products vertical achieved best-ever volumes of 0.9 million tons, up 20% YoY, aided by rapid OEMs’ approvals for hi-tensile grade from downstream facilities at Kalinganagar and for specialty steel from combi-mill at Jamshedpur.
Branded products and retail vertical surpassed 2 million tons for the first time. Third quarter volumes were up 12% YoY driven by performance of well-established brands such as Tata Tiscon, Tata Astrum and Tata Steelium.
Industrial products and projects vertical achieved volumes of 1.9 million tons aided by performance of value accretive segments such as Engineering.
During the quarter, value-added goods and downstream portfolio like tubes and tinplate downstream verticals achieved double-digit YoY growth while wires achieved best-ever quarterly volumes.
Tata Steel shares settled 1.3% lower at Rs 183.75 on the BSE, ahead of the announcement, compared to a 0.1% decline in the benchmark Sensex. The stock is up 38% in the last 12 months.
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