Tata Steel India Delivery Volumes Dipped in Q2

SEATTLE (Scrap Monster): Tata Steel India reported crude steel production of 4.99 million tons during the second quarter of the current fiscal. The production remained more or less unchanged from the sequential quarter. However, it edged higher by almost 4% upon comparison with the corresponding quarter a year before.

Also, the total amount of goods delivered by the company witnessed decline during the quarter. The Q2 delivery volumes recorded marginal decline by 1.8% year-on-year to 4.82 million metric tonnes.

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Tata Steel Europe reported significant production growth in Q2 this fiscal. The production was up from 1.79 million tons in the sequential quarter to 1.99 million tons. On the contrary, the production volumes fell sharply by 17% year-on-year. Over the prior year quarter, the European delivery volumes witnessed fall by 4.3% to 1.79 million metric tonnes in Q2 FY24, said the company press release.

Tata Steel Thailand too recorded quarter-on-quarter surge in production to 0.28 million tons in the second quarter. However, production declined when compared with the corresponding quarter in FY23.

The shares of the steelmaker took a hit in stock market following the release of the quarterly production data.