Tata Steel on Friday said it has reported best ever total sales in FY16, up 9% from a year ago to 9.54 million tonne.
The company recorded 4.8% increase in hot metal production in FY16, compared to a year ago to 10.65 MT. Crude steel production in FY16 was up 6.7% from a year ago to 9.96 MT, while saleable steel production in FY16 was up 6.9% from a year ago to 9.70 MT, the company said in a statement.
In January-March quarter the company’s total sales were up 12.87% from a year ago to 2.71 million tonne. In the fourth quarter ending March the company’s crude steel production was up 4.8% from a year ago to 2.56 MT. Hot Metal production in the quarter was up 1.4% from a year ago to 2.71 MT. Saleable steel in the quarter was up 6.5% from a year ago to 2.71 MT.
With continuous and consistent efforts in a challenging environment, Kalinganagar team has taken the project from “Construction Phase” to “Testing & Commissioning Phase” during May’15 to Mar’16, the company said in a statement.
There is some stability in the steel sector after the government imposed Minimum Import Price in February, pitching for a level playing field to compete with international players, and curb cheap imports from China.
While in the domestic market the company has witnessed growth Tata Steel Europe has decided to end operations in UK following heavy losses due to falling demand and cheap imports from China.
Shares of Tata Steel closed at R322.25 per share down 0.52% from its previous close.