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Tata Steel posts mixed bag for fiscal Q3'19 with production up, sales down YOY

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Tata Steel posts mixed bag for fiscal Q3'19 with production up, sales down YOY

Tata Steel Ltd. produced 3.33 million tonnes of crude steel in the third quarter of its fiscal 2019, increasing from 3.27 Mt the year before, while sales fell to 2.97 Mt from 3.30 Mt.

The company said Jan. 8 that the decrease in sales was related to seasonal headwinds, particularly in terms of softer automotive demand and inventory replenishment.

Tata Steel Europe Ltd. produced 2.33 Mt of steel in the quarter, down year over year from 2.67 Mt, due to shutdowns for an ongoing upgrade program on one of Port Talbot's blast furnaces and to operational issues at both of its main steelmaking locations. Quarterly sales also decreased year on year to 2.44 Mt from 2.30 Mt.

The company said the European division's financial results will be affected by decreased production volumes and an adverse product mix.

For the South East Asian division, quarterly production dipped to 510,000 tonnes from 550,000 tonnes year on year, while sales dropped to 580,000 tonnes from 620,000 tonnes, which the company attributed to continued sluggishness in the Singapore and Thailand markets.

Tata Steel BSL Ltd., previously known as Bhushan Steel Ltd., booked an increase in production to 1.04 Mt from 960,000 tonnes, while sales fell to 920,000 tonnes from 1.00 Mt due to weaker quarterly demand primarily in the automotive and appliance segments as well as inventory replenishment.