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Tata Steel shows growth in the first quarter of 2024

Tata Steel, India's leading steel producer, reported a strong performance in the first quarter of 2024. While consolidated steel production and revenue increased, CEO T.V. Narendran stated that they expect steel demand in India to rise significantly.

Tata Steel shows growth in the first quarter of 2024

Indian steel producer Tata Steel reported that its consolidated steel production in the first quarter of 2024 increased by 4.5% quarter-on-quarter to 7.92 million tonnes. This figure increased by 1.5 % compared to the same period of 2023. Steel shipments in the January-March period of this year also increased by 11.6% quarter-on-quarter and 2.6% year-on-year to 7.98 million tonnes.

The company's India unit produced 5.4 million tonnes of steel in this period, up 0.9% quarter-on-quarter and 4.8% year-on-year. Steel shipments were 5.42 million tonnes, up 11.1% quarter-on-quarter and 5.2% year-on-year.

In the first quarter, Tata Steel's consolidated revenue increased 6.1 percent quarter-on-quarter to Rs 58,683 crore (equivalent to US$ 704.20 million), down 6.8 % compared to the same period in 2023. Profit for the period was Rs 555 crore (equivalent to USD 6.66 million), down 64.5 % YoY but up 6.3 % QoQ. EBITDA was Rs 6,631 crore, equivalent to US$ 79.57 million.

Tata Steel CEO T.V. Narendran said steel demand in India is expected to grow by 8-10% in the current financial year compared to the previous financial year.

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