Jamshedpur 7th Oct 2021: Tata Steel India’s crude steel production grew 2% QoQ and 3% YoY in 2Q FY22.
Despite the seasonal weakness, overall deliveries grew 12% QoQ on the back of economic recovery after the second wave of COVID-19; deliveries were down 8% in the previous year due to lower exports and stock liquidation focus.
Besides this, the ‘automotive and specialty products’ segment deliveries grew 12% on a QoQ basis while the ‘branded products and retail’ segment delivered a growth of 9% QoQ, the company said in a statement.
Tata Steel also launched its new and improved rebar Tata Tiscon 550SD for retail customers, while Tata Steel BSL launched “Tata Steelium Super”, which will enhance the company’s presence in the retail sector.
It further said that the ‘Industrial Products and Projects’ segment delivered a 17% increase in QoQ with a focus on value-added products.
Tata Steel Aashiyana, an e-commerce platform for individual home builders, posted 32% QoQ growth with gross revenue of Rs 338 crore during the quarter.
Tata Steel Europe’s steel production grew 19% YoY to 2.56 million tonnes during the quarter, however, it declined 4% QoQ due to temporary operating issues at both the Netherlands and UK steelmaking sites.
Additionally, TSE deliveries remain on target in FY12 as compared to FY12, with improvements in the engineering, automotive, and construction sectors.
Tata Steel Southeast Asia’s steel production and sales volumes declined by 17% QoQ and 5% QoQ, respectively, mainly due to the lockdown in Malaysia and Thailand amid the spread of COVID-19.
It added that Tata Steel India has conducted several vaccination drives across all its operational locations.
Currently, about 98% of its employees are vaccinated for the first dose, and 69% of its employees are administered with the second dose.
Keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders, the company closely monitors the COVID-19 situation and takes appropriate action by the directions issued by the regulatory authorities.