Thailand-based Tata Steel Thailand (TSTH), a subsidiary of Indian steel producer Tata Steel, has announced its operational results for the fourth quarter and the full financial year of 2021-22 which ended March 31.
The company’s steel sales volume amounted to 340,000 mt in the fourth quarter, up by 5.9 percent quarter on quarter and down by 7.1 percent year on year. In the full financial year, TSTH’s sales volume totaled 1.33 million mt, increasing by 2.3 percent year on year.
According to the company’s statement, total steel consumption in Thailand declined by 14.3 percent year on year to 2.54 million mt in January-February period, due to surging Covid-19 infections, labor shortages at construction sites, high inflation and weak sentiments.
TSTH stated that the Thai economy is expected to improve in the second half of the financial year 2022-23. As steel prices remain elevated, consumer demand is slowing.