Tata Steel’s European production in October-December 2022 fell by 12.5% ​​y/y

The indicator fell by 6.3% compared to the second quarter of the 2022/2023 financial year

The production of steel products by Tata Steel in Europe in October-December 2022 fell by 12.5% ​​compared to the same period in 2021 – to 2.25 million tons. This was reported by S&P Global.

Compared to the second quarter of the 2022/2023 financial year (July-August 2022), production decreased by 6.3%.

According to the company’s announcement, deliveries by the European division in October-December 2022 fell by 9.5% y/y – to 1.96 million tons. At the same time, compared to the second quarter of the current fiscal year, they increased by 4.8%.

According to the latest data, the total volume of Tata Steel’s European production for the nine months of the 2022/2023 financial year decreased by 10.2% y/y – to 7.08 million tons.

Tata Steel reported that steel production in India in October-December 2022 increased by 4% compared to the same period of the previous year – up to 5 million tons, compared to July-August 2020, the growth was 4.1%. Production volumes for the nine months of the 2022/2023 financial year increased by 4% y/y – up to 14.7 million tons.

Indian shipments for the third quarter of the current fiscal year increased by 7% y/y – up to 4.73 million tons. At the same time, compared to the previous quarter, they decreased by 3.7%. The total volume of deliveries for the nine months of the 2022/2023 financial year increased by 4.3% y/y – up to a record 13.71 million tons.

Tata Steel also said that the Neelachal Ispat Nigam steel plant in Kalinganagar, which the company acquired in July, has started operations and is in the process of ramping up production to a nominal capacity of about 1 million tonnes per annum.

As GMK Center reported earlier, Tata Steel Europe for the first half of the 2022/2023 financial year reduced production of rolled steel by 7.4% y/y. The volume of sales in this period fell by 10% compared to the same period of the previous year.