India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the fourth quarter and the full year of the financial year 2015-16, ended March 31.
Tata Steel Group recorded a net loss of INR 32.14 billion ($477.67 million) in the fourth quarter, compared to a net loss of INR 56.74 billion in the corresponding period of the previous financial year. The group's fourth quarter sales amounted to INR 295.08 billion ($4.38 billion), decreasing by 12.3 percent year on year.
In the full financial year, Tata Steel registered a net loss of INR 30.49 billion ($453.18 million), decreasing from the net loss of INR 39.26 billion in the previous financial year, while its sales revenues decreased by 16 percent year on year to INR 1.17 trillion ($17.41 billion). In the given year, steel deliveries of the group amounted to 25.92 million mt, decreasing by 1.5 percent year on year.
Tata Steel stated that it has started commercial production at the Kalinganagar steel plant in the eastern Indian state of Odisha. The facility will produce flat steel for high-end applications enabling the company to expand its product portfolio in the shipbuilding, defense equipment, energy & power, infrastructure, aviation and automotive sectors.
According to the company’s statement, Tata Steel India recorded its highest-ever sales at 9.54 million mt in the financial year 2015-16 and successfully consolidated its market share despite extremely challenging market conditions. Meanwhile, Tata Steel India’s sales in the fourth quarter increased by 16 percent compared to the previous quarter with strong growth in key segments such as automotive and branded products.