India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the second quarter and the first half ended September 30 of the financial year 2015-16.
In the second quarter, Tata Steel Group's net profit amounted to INR 25.22 billion ($383.43 million), up 1.87 percent compared to the same quarter of the previous financial year. The group's second quarter sales revenues decreased by 11.76 percent year on year to INR 94.45 billion ($5.8 billion). In the given quarter, steel deliveries amounted to 6.33 million mt, falling 2.61 percent compared to the corresponding period of the previous financial year.
Meanwhile in the first half, Tata Steel Group registered a net profit of INR 37.71 billion ($573.35 million), down 21.7 percent, while the company's sales revenue decreased by 12.07 percent to INR 184.51 billion ($2.80 billion), both year on year. Steel deliveries in the first half amounted to 12.62 million mt, falling 2.54 percent compared to the corresponding period of the previous financial year.
“Our operating result has turned negative this year, reflecting the huge challenges the global steel industry is facing. In the UK these issues have been compounded by unhelpful exchange rates and regulatory costs that are destroying competitiveness. Across Europe we are calling on governments to ensure the European Commission upholds international trade rules firmly and more speedily. Surging volumes of dumped imports, including from countries that subsidize their steelmakers, are massively distorting competition,” commented Dr Karl-Ulrich Köhler, managing director and CEO of Tata Steel Europe.