Tata Steel Q3 Updates: Production Grows 6% To 5.68 Million Tonnes

Tata Steel Ltd. said on Tuesday that production in India grew 6% year-on-year to 5.68 million tonnes, according to its quarterly business updates for the quarter ended December.

This was possible due to the commissioning of the blast furnace of 5 million tonnes per annum at Kalinganagar, Odisha, in September. The company's domestic steel production stood at 5.35 MT in the same quarter of the previous fiscal.

With an 8% YoY growth, the steel major's India deliveries for the quarter under review stood at 5.29 MT. In the third quarter of fiscal 2024, its domestic steel deliveries were 4.9 MT, it said in a filing.

At the company's Netherlands subsidiary, production volumes rose to 1.76 MT against 1.19 MT that it had recorded in the similar quarter last financial year. Delivery volumes in that country rose to 1.53 MT in the third quarter this fiscal, against 1.3 MT in last year's similar period.

At its UK arm, Tata Steel's delivery volumes dipped to 0.56 MT for the October–December quarter, against 0.64 MT that it had posted last fiscal during the same quarter.

Last year in December, the company had intimated via stock exchange filings that it had appointed Pramod Agrawal as an independent director. This followed the proposal getting the requisite majority in the postal ballot conducted through the remote e-voting process.

Shares of Tata Steel closed 0.87% higher at Rs 133.35 apiece on the BSE, compared to a 0.3% advance in the benchmark Sensex.