India-headquartered steel giant Tata Steel Group has announced its annual operational results for the fourth quarter and the full financial year 2019-20 ended March 31, 2020.
In the financial year 2019-20, Indian steelmaker Tata Steel produced 18.21 million mt of crude steel, up eight percent year on year, while its finished steel sales increased by four percent to 16.97 million mt compared to the previous financial year. In the last quarter of the financial year 2019-20, the company’s crude steel production increased by six percent to 4.74 million mt compared to the same quarter of the previous financial year, while its finished steel sales fell by 15 percent to 4.03 million mt year on year. The decrease was mainly due to the impact of the coronavirus.
Meanwhile, in the financial year 2019-20 Tata Steel’s crude steel production at its European facilities decreased by one percent to 10.18 million mt and its finished steel sales totaled 9.27 million mt, down by four percent, both on year-on-year basis. The company stated that European steel demand has decreased compared to the normal conditions as many customers, including European car manufacturers, have currently halted their production. However, its utilization levels are currently around 70 percent and shipments are continuing in both the UK and the Netherlands.
In addition, in the full financial year, Tata Steel’s finished steel output at its Southeast Asian facilities rose by four percent to 2.17 million mt, while its finished steel sales at the Southeast Asian facilities remained stable at 2.41 million mt, both compared to the previous year.
Moreover, Tata Steel has been able to continue its mining operations normally, within the scope of the specific guidelines from central and state governments. The company is also operating integrated steelmaking facilities at lower utilization levels while it has halted its operations at downstream facilities and put them in care and maintenance mode.