Team News Riveting
Mumbai, July 4
Tata Steel India’s crude steel production grew 55 per cent year-on-year (YoY) in the first quarter (Q1) of financial year 2021-22 (FY22).
The Q1 of the previous fiscal was impacted due to the COVID-19 pandemic and the stringent nationwide lockdown. Tata Steel India deliveries increased by 42 per cent YoY.
During the quarter, crude steel production decreased 2.6 per cent quarter-to-quarter (QoQ) due to supply of over 47,800 tons of liquid medical oxygen to hospitals amidst the 2nd wave of COVID-19 pandemic. Steel deliveries declined 11 per cent QoQ due to partial lockdowns announced by some 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 per cent of the total sales vs 11 per cent in 4QFY21. The domestic market has been improving since mid-Jun’21 with easing lockdowns.
Tata Steel Europe’s Steel production grew by 27 per cent YoY to 2.73 million tonne (MT) while steel deliveries increased by 19%YoY.
Tata Steel Southeast Asia’s Steel production grew by 49 per cent YoY; steel deliveries increased by 50 per cent YoY.
Tata Steel India has undertaken several vaccination drives at all of its operating locations. Currently, around 82 per cent of its employees are vaccinated for the first dose. The company continues to closely monitor the resurgence of COVID-19 cases and take appropriate actions in line with the directions issued by the regulatory authorities keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world’s most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $21.1billion in the financial year ending March 31, 2021.
