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Tata Steel posts ₹16,511 cr loss on Port Talbot impairment charge
Mint Mumbai
|November 02, 2023
Tata Steel Ltd on Monday swung to its highest quarterly loss in two fiscal years after it booked a ₹6,358 crore impairment charge related to a decarbonization project at its Port Talbot plant in the UK.
The steelmaker reported a loss of ₹6,511 crore for the three months ended 30 September from a profit of ₹1,297 crore a year earlier, the company said in a statement on Wednesday. A Bloomberg survey of analysts expected a profit of ₹569 crore.
“We have assessed the potential impact of the (Electric Arc Induction) EAF-based decarbonization project and restructuring in the UK," the company said in an exchange filing. Tata Steel said it took a ₹2,746 crore impairment charge in its consolidated statements for the decarbonization project. It also took a ₹3,612 crore charge for restructuring and other provisions.
On 15 September, the UK committed £500 million to help Tata Steel overhaul the country’s biggest steelworks and keep it running. The payment will assist Tata in transitioning its Port Talbot plant in South Wales to cleaner and more cost-effective steel production through electricity rather than coal. Tata will cover the remaining £1.25 billion in capital costs.
This story is from the November 02, 2023 edition of Mint Mumbai.
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