India-headquartered steelmaker Tata Steel has announced that in the first quarter ended June 30 of the financial year 2020-21 crude steel production at its Indian facilities decreased by 33.5 percent year on year to 2.99 million mt, while its finished steel sales totaled 2.92 million mt, falling by 26.3 percent compared to the same quarter of the previous financial year. The company stated that the impact of the coronavirus pandemic and mobility restrictions on industrial activity and consumer sentiment all over the world negatively affected its crude steel production and sales results in the first quarter of the financial year 2020-21. However, its sales volume in June this year were higher than its sales recorded in April and May, owing to the resumption of economic activities in India.
In the given period, Tata Steel’s crude steel production at its European facilities decreased by 19.2 percent to 2.14 million mt and its finished steel sales totaled 1.94 million mt, down 14.1 percent, both on year-on-year basis. Tata Steel’s finished steel output at its Southeast Asian facilities in the same quarter went down by 31.6 percent to 390,000 mt, while its finished steel sales declined by 32.2 percent to 420,000 mt, both compared to the same quarter of the previous year.
The company also stated that capacity utilization rates have been gradually increased to almost 80 percent by the end of June and downstream facilities have also been restarted and are being ramped up progressively.