Tata steel posts net loss on poor demand and higher raw material costs

Tata Steel has reported a consolidated net loss of Rs 363.93 crore for the second quarter ended September 30, 2012 as against a net profit of Rs 212.43 crore for the same period last year.

The costs of raw materials went up to Rs 2537.16 crore as against Rs 1889.04 crore, last year on account of higher coal prices. Steel prices over the second quarter fell by 4-6% because of falling international rates and lackluster demand growth. 

HM Nerurkar, managing director, Tata Steel said, “The Indian operations continued their steady performance against a backdrop of lacklustre demand in the marketplace and increasing imports.”