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Tata Steel blames China for dip in revenue despite selling more
Mint Bangalore
|January 28, 2025
Asia's oldest steelmaker Tata Steel blamed Asia's largest steelmaker China for a decline in its revenues during the third fiscal quarter ended 31 December.
The company reported a consolidated top line of ₹53,648 crore for the quarter, which was 3% less than what it made during the same period last year. This was despite the company selling 8% more steel year-over-year during the quarter at 7.72 million tonnes.
Consolidated profit nearly halved to ₹295 crore.
"The global operating landscape continues to be shaped by geopolitics and continued economic slowdown in key regions," said T. V. Narendran, managing director, Tata Steel.
"Steel exports from China, which has averaged 9 million tonnes per month in 2024, has dampened steel prices globally including in India," he said.
Dit verhaal komt uit de January 28, 2025-editie van Mint Bangalore.
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