Tata Steel Chief Anticipates Much Better Second Half of the Year

SEATTLE (Scrap Monster): Tata Steel expects a much better second half of the year for its outside-India operations.

Commenting on the steelmaker’s future prospects, TV Narendran, Managing Director noted that the European operations continue to face challenges. On the contrary, an anticipated improvement in conditions should deliver a better H2 2023. The company is progressing well on its five million tonne expansion plan, but the real benefits of it are expected only in the next financial year, he added.

ALSO READ:

Tata Steel Europe Delivery Volumes Tumbled in Q4 FY23

Tata Steel Hinted at Potential Blast Furnace Shutdown at Port Talbot

Tata Steel expects challenges to persist in Europe operations. The dip in European gas prices coupled with improvement in steel prices are making things look brighter. The realignment of one of its blast furnaces in the Netherlands poses a challenge. The company’s European operations remained muted in the initial quarter of the current year. The steel production volumes held steady, whereas the delivery volumes recorded notable decline by over 11% upon comparison with the corresponding period a year before.

With regards to India operations, Narendran said that the focus on infrastructure makes the Indian economy look good. The steel consumption growth is expected to be in line with the projected robust GDP growth in the country during the ongoing year.