Tata Steel Ltd reported a consolidated profit of INR 960 crore (USD 114.6 mln) for the quarter ending June 30, 2024, marking a 51pct increase YoY. However, revenue from operations fell by 8pct YoY to INR 54,771 crore (USD 6.5 bln) compared to INR 59,940 crore in the same period last year.
In Q1 FY25, Tata Steel’s consolidated crude steel production rose by 5pct YoY to 5.27 mln tons, and steel deliveries increased by 4pct YoY to 4.94 mln tons, driven by growth in Indian market deliveries.
CEO and Managing Director T.V. Narendran noted that subdued steel demand globally pressured steel prices, though demand in India remained stable despite election-related and heatwave impacts. The 5 mln tons per annum expansion project at Kalinganagar is on schedule, with the blast furnace set to start in September 2024, and commissioning activities for the continuous annealing line of the 2.2 mln tons per annum cold rolling mill are progressing for an August 2024 start.
Regarding UK operations, Narendran mentioned the safe cessation of one blast furnace (BF #5) at Port Talbot, with plans to close the remaining furnace by September 2024. The company is transitioning to low-emission electric arc furnaces following a joint investment agreement with the UK government to advance green steel production at Port Talbot.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 mln tons per annum.
