Tata Steel Ltd reported a consolidated profit after tax of INR 759 crore (USD 90 mln) for the quarter ended September 30, 2024, marking a 17.4pct YoY decrease. However, the company rebounded significantly from a loss of INR 6,511 crore in the previous quarter.
Consolidated revenue for the July-September 2024 quarter was INR 53,905 crore (USD 6.39 bln), down 1.58pct YoY and 3.19pct sequentially.
During this period, Tata Steel’s consolidated crude steel production fell 3.88pct YoY to 7.69 mln tons, while consolidated steel deliveries rose 1.76pct to 7.52 mln tons.
CEO and Managing Director T.V. Narendran noted that the global operating environment remains challenging, with subdued growth in key regions and macroeconomic conditions in China impacting commodity prices, including steel. In India, steel demand continues to grow, but domestic prices face pressure due to low-cost imports.
Tata Steel is expanding its production capacity in India, successfully commissioning a 5 mln tons per annum blast furnace at Kalinganagar in September 2024. Combined with the new 2.2 mln tons per annum cold rolling mill complex, this will further enhance the company’s product mix.
In Europe, Narendran reported that steel deliveries in the Netherlands reached 1.5 mln tons, though performance was impacted by soft steel prices. The second quarter also saw the closure of blast furnaces in the UK, with Tata Steel progressing on its green steel transition, supported by a grant funding agreement with the UK government. The company has signed a contract with Tenova to deliver an electric arc furnace (EAF) and plans to begin large-scale site work in July 2025.
During the UK plant’s transition to green steel, Tata Steel will source substrate to support its downstream operations and maintain its strong market presence across various steel segments in the UK, added Koushik Chatterjee, Executive Director and Chief Financial Officer.
Tata Steel Group ranks among the world’s leading steel producers, with an annual crude steel capacity of 35 mln tons.
1 USD / 84.2 INR
