Tata Steel

Steel shipments increased by 10% q/q in 3 months

In January-March 2024, the Dutch division of the global steel company Tata Steel increased steel production by 24% quarter-on-quarter – to 1.48 million tons. The figure decreased by 3% compared to the same period in 2023. This was reported by Kallanish.

Shipments during this period increased by 10% q/q, but decreased by 3% y/y – to 1.43 million tons. The quarterly growth is the result of the resumption of the blast furnace after the reconstruction, which was completed in February.

Revenue of the division fell by 10% y/y in the first quarter, but increased by 8% q/q – to $1.67 billion (Rs 13,908 crore). EBITDA improved both quarter-on-quarter and year-on-year to $35.5 million (Rs 296 crore).

The EU manufacturing PMI remained at 45-47 points in March, while higher inflation and geopolitical uncertainty continued to put pressure on steel end users.

The British division of Tata Steel in January-March 2024 reduced steel production by 8% q/q and 11% y/y – to 660 thousand tons. Product shipments for the reporting period increased by 8% q/q but fell by 9% y/y – to 690 thousand tons.

Tata Steel UK’s revenue increased by 8% quarter-on-quarter, but decreased by 9% y-o-y to $815.4 million (Rs 6,800 crore). EBITDA amounted to $46.5 million (Rs 388 crore).

As GMK Center reported earlier, Tata Steel increased its consolidated steel production by 4.5% quarter-on-quarter – to 7.92 million tons in the first quarter of 2024. Compared to the same period in 2023, the figure increased by 1.5%. Steel shipments in January-March this year increased by 11.6% q/q and 2.6% y/y – to 7.98 million tons.