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Tata Steel's Q2'17 steel output rises YOY, raises 10B rupees via notes offer

Tata Steel Ltd.'s hot metal and crude steel production rose 17% and 13% year over year, respectively, to 3.12 million tonnes and 2.82 million tonnes in its fiscal second quarter of 2017, it said Oct. 6.

The Indian steelmaker's salable steel production for the three-month period ended Sept. 30 increased by 11% to 2.73 million tonnes, while sales were slightly up on a yearly basis to 2.62 million tonnes from 2.33 million tonnes.

Sales to the automotive segment grew by 7%, while the availability of additional volumes enabled a 12% year-over-year growth in sales to industrial products and projects segments.

Separately, the steel major raised 10 billion Indian rupees through a private placement of 8.15% unsecured, nonconvertible debentures.

For the first quarter of its fiscal 2017, the Indian steel major posted a consolidated net loss of 31.83 billion Indian rupees, widening from a year-ago loss of 3.17 billion rupees.

As of Oct. 5, US$1 was equivalent to 66.55 Indian rupees.