Tata steel, in its Indian operations, has recorded a decline in crude steel output due to the disruption caused by the COVID-19 pandemic in 1H FY ’21. However, steel deliveries reported an increase in FY ’21.
Major highlights are given below-
1.Crude steel output fell by 7% in FY ’21-Crude steel output aggregated 16.93 mn t in FY ’21 as against 18.20 mn t in the preceding fiscal. This was primarily due to the disruption caused by the COVID-19 pandemic in H1 and a few maintenance shutdowns in H2 of the current fiscal. However, Tata Steel India achieved the highest ever quarterly crude steel production of 4.75 mn t with a 3% q-o-q growth in Q4 FY ’21.
2.Company achieved highest ever annual delivery volume in FY ’21-Tata Steel India achieved the highest ever annual delivery volume of 17.30 mn t in FY ’21, despite the COVID-19 pandemic induced disruption in 1H FY ’21. Last fiscal, the volumes stood at 16.97 mn t. Meanwhile, quarterly, the same increased by 16% y-o-y basis to 4.67 mn t in Q4 FY ’21 against 4.03 mn t in Q4 FY ’20. The company’s robust marketing network and improved market conditions resulted in improved deliveries.
3.Export deliveries in FY ’21-Exports volume contributed to 11% of overall deliveries.
In a press release Tata Steel informed that it continues to closely monitor the resurgence of COVID-19 cases and take appropriate actions in line with government directions. The company remains focused on aggressively managing costs and cash flows while pursuing deleveraging actively.
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