Tata Steel increased steel production by 4.5% q/q in Q1

Tata Steel, an Indian steelmaker with assets in Europe, increased its consolidated steel production by 4.5% quarter-on-quarter to 7.92 million tons in Q1 2024. The figure increased by 1.5% compared to the same period in 2023. This is stated in the company’s report.

Steel shipments in January-March this year increased by 11.6% q/q and 2.6% y/y – to 7.98 million tons.

At the same time, the Indian unit produced 5.4 million tons of steel in the period, up 0.9% q/q and 4.8% y/y. Steel shipments amounted to 5.42 million tons (+11.1% q/q; +5.2% y/y).

Tata Steel’s consolidated revenue for the first quarter decreased by 6.8% compared to the same period in 2023 and increased by 6.1% quarter-on-quarter to Rs 58,683 crore. Profit for the period amounted to Rs 555 crore (-64.5% y/y; +6.3% q/q), and EBITDA amounted to Rs 6,631 crore.

According to Tata Steel CEO T.V. Narendran, demand for steel in India in FY2024/2025 (ending in March 2025) will grow by at least 8-10% compared to the previous financial year.

In 2023, India increased steel production by 11.8% compared to 2022 to 140.2 million tons. In January-April 2024, Indian steelmakers increased steel production by 8.5% y/y – to 49.5 million tons.