Mumbai, July 09, 2020
|Tata Steel India2||2.99||4.73||4.50|
|Tata Steel Europe||2.14||2.64||2.65|
|Tata Steel South East Asia||0.39||0.53||0.57|
|Tata Steel India2||2.92||4.03||3.96|
|Tata Steel Europe||1.94||2.39||2.26|
|Tata Steel South East Asia||0.42||0.60||0.62|
- Overall 1QFY21 production and sales volumes were lower as the outbreak of COVID-19 and ensuing mobility restrictions severally impacted industrial activity and consumer sentiment across all geographies.
- In India, capacity utilization of our upstream facilities was adjusted to about 50% level in April while our downstream units were closed. With the phased opening of the economy, utilization levels have been ramped up gradually to around 80% level by end of June. Downstream facilities have also been restarted and are being ramped up progressively.
- To counter the closure of the Indian markets in April and May, exports were ramped up significantly by tapping new markets and improving the supply chain capability and will constitute around 50% of total sales volume in 1QFY21. While April and May sales were lower, sales improved significantly in June as economic activity resumed in India. With the continued opening of the economy and the improvement in domestic demand, the proportion of domestic sales will increase from 2Q.
- While urban markets are showing slow recovery, retail sales, especially in rural markets, are seeing an improvement in demand. During this quarter, we launched two new Coated Brands “GalvaRoS” and “Colornova” to meet the evolving needs of our customers. We initiated supplies to National Capital Region Transport Corporation Project, a landmark project. We have also received approval for API X60 & X70 grades for supplies to Oil & Gas segment.
- While Europe did not impose a complete lockdown, the weak macroeconomic situation was further impacted by the COVID-19 outbreak. In line with this environment, our production levels in Europe were ramped down to around 70% utilization. Key steel consuming sectors such as automotive and construction sector continue to be under pressure though the demand for packaging material has been robust.
- Tata Steel is closely monitoring the situation and taking appropriate actions as per the directions issued by the regulatory authorities from time to time keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MnTPA). It is one of the world’s most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $22.67 billion in the financial year ending March 31, 2019. In 2018, Tata Steel acquired Bhushan Steel Ltd (now renamed as Tata Steel BSL Ltd).
A Great Place to Work-Certified organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel retained the ‘Global Steel Industry Leader’ position in the DJSI 2018. The Company has been recognised as the Climate Disclosure Leader in ‘Steel category’ by CDP (2017). Besides being a member of the World Steel Climate Action Programme, Tata Steel has won several awards including the Lighthouse recognition for its Kalinganagar Plant – a first in India, Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, ‘GreenPro’ certification for products (Tata Pravesh Steel Doors, Tata Structura, Tata Pipes) by CII, Authorized Economic Operator (AEO) status (Tier 2) by the Directorate of International Customs (Ministry of Finance, Govt. of India), ‘Corporate Strategy Award’ by Mint (2018), Golden Peacock Award for Risk Management (2018) and Best Risk Management Framework & Systems Award (2019) by CNBC TV18.
The Company also received the ‘Most Ethical Company’ award from Ethisphere Institute for the eight time (2019), Steel Sustainability Champion (2018) by the World Steel Association, Dun & Bradstreet Corporate Awards (2019), Golden Peacock HR Excellence Award by Institute of Directors (2018), ‘Best Companies To Work For’ recognition by Business Today, ‘Asia’s Best Integrated Report’ award by the Asia Sustainability Reporting Awards (2017), among several others.
COMPANY: TATA STEEL
PHONE: +91 22 6665 0581
We are inviting Individual Blogger | News Publications | Professionals | Brands | Citizens | Kids | Youth | Social Workers to
Contact/WhatsApp: +91 7827887720 Email: firstname.lastname@example.org
Disclaimer: The perspectives communicated in the article/news/press release above are those of the writers’ and don’t really speak to or mirror the perspectives of this website or its personnel. Except if in any case noticed, the writer is writing in his/her own ability. They are not expected and ought not to be thought to speak to legitimate thoughts, perspectives, or strategies of any individual, Institution, organization or foundation.