SMM7 March 1: a few days ago, Indian-based steel giant Tata Steel Group (Tata Steel Group) announced its fourth quarter results, including Tata Steel Europe, as well as results for the fiscal year 2019 ending March 31, 2020.
Tata Steel reported a net loss of 12.36 billion Indian rupees (US $163.57 million) in the fourth quarter, compared with a net profit of 23.53 billion Indian rupees in the same period in the previous fiscal year. The group's fourth-quarter sales totaled 337.7 billion Indian rupees ($4.47 billion), down 20.4 per cent from a year earlier. In the fourth quarter of FY20 in 2019, Tata Steel's comprehensive steel delivery volume was 6.5 million tons, down 13.6% from a year earlier.
For the full fiscal year 2019, Tata Steel's net profit reached 23.37 billion Indian rupees ($309.32 million), down 74.6 per cent from a year earlier. During the period, the group's sales totaled 1.4 trillion Indian rupees (18.53 billion games), down 11.3 per cent from a year earlier.
Steel demand has been affected by a coronavirus pandemic in India and Europe, and it expects demand in the EU to recover only in 2021, the company said. The company said that after the lifting of the control blockade, Indian plants accounted for 80 per cent of total capacity, while European plants operated at 70 per cent of capacity.
Nalandran, CEO and managing director of Tata Steel, said: "although the economy began to recover in the second half of the year, the coronavirus pandemic at the end of March caused unprecedented damage and economic uncertainty." He added that the company had readjusted its operations to the evolving business environment and focused on saving operating costs.
Note: 1 US dollar = 75.5635 Indian rupees
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