SEATTLE (Scrap Monster): Leading steelmaker Tata Steel announced provisional steel production and delivery volumes for 1QFY23.
According to company press release, the Tata Steel India crude steel production volumes surged during the quarter. The production totalled 4.92 million tonnes, 6% higher upon comparison with 4.63 million tonnes in 1QFY22. The production volumes were up marginally from the sequential quarter as well.
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The Tata Steel Europe and Tata Steel Thailand production volumes recorded year-on-year decline. The European output decline from 2.67 million tonnes a year before to 2.43 million tonnes. At the same time, Thailand production volumes recorded decline from 0.35 million tonnes to 0.31 million tonnes, the company noted.
Meantime, the deliveries at Tata Steel India moderated by nearly 2% year-on-year, due to dip in export volumes following the recent imposition of 15% duty by the government. The volumes witnessed a dip from 4.15 million tonnes to 4.06 million tonnes. A similar decline was witnessed in delivery volumes by Tata Steel Europe and Tata Steel Thailand.
However, the strong marketing network helped the company boost its domestic delivery volumes by 5% over the prior year quarter. The ‘automotive and special products segment’ deliveries surged higher significantly by 22%, primarily driven by broad based recovery across all sub-segments.
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