News Companies Tata Steel 10 April 2023
In the fourth quarter of the last fiscal year, the company increased steel production by 5.1% y/y
In 2022-2023 financial year, the Indian steel company Tata Steel increased the production of unrefined steel by 4.3% compared to the previous fiscal year – up to 19.9 million tons. ArgusMedia reports about it.
The company managed to increase its steel production in the last financial year by de-bottlenecking plants and increasing capacity at Neelachal Ispat Nigam Limited in Kalinganagar, Odisha. Steel production in the fourth quarter amounted to 5.15 million tons, which is 5.1% more compared to the same period of the 2021-2022 financial year.
Steel sales for the year increased by 3.3% y/y – up to 18.9 million tons. Despite the unstable operational situation during the financial year, the company increased total shipments of products, in particular, to the domestic market – by 10% y/y.
Production of direct reduction pig iron (DRI) by subsidiary Tata Steel Long Products fell 12% y/y – to 737,000 tonnes in April-March compared to FY2021-2022, while sales fell 16% y/y – to 497,000 tonnes.
As GMK Center reported earlier, in 2022-2023 financial year steel exports from India fell to a five-year low, down 50.2% y/y – to 6.7 million tonnes. This is the lowest figure since FY2018-2019.
In the financial year, steel production in the country reached a record level of 125.32 million tons. According to the preliminary estimates of the government, the increase was 4.2% compared to the previous fiscal year. The total consumption of rolled steel in the country in the 2022/2023 financial year increased by 12.7% y/y – up to 119.2 million tons.
Also, India does not consider the possibility of reintroducing export duties on steel amid rising prices. The profile ministry of the country monitors the prices of both steel and raw materials.