Tata Steel's Indian business records best ever sales in Q1

According to a provisional business update released by the company, Tata Steel India's crude steel production in the first quarter of this fiscal grew by 5% over the previous year to 5.25 million tonnes. However, production remained sequentially lower due to planned maintenance shutdowns.

Tata Steel Ltd's Indian deliveries rose 3% year-on-year to 4.94 million tonnes, marking its best first quarter sales, according to an exchange filing on Saturday.

Liquid steel production at Tata Steel Netherlands rose to 1.72 million tonnes in the first quarter after operational levels returned to normal. Deliveries grew 11% year-on-year to 1.52 million tonnes led by improved production.

Tata Steel UK's liquid steel production in the first quarter of this fiscal stood at 0.68 million tonnes, while deliveries stood at 0.69 million tonnes. Blast Furnace 5 at Port Talbot has been shut down, with the last liquid iron produced on July 4.

The strike comes at a time when the steelworkers' union had intended to launch industrial action over Tata Steel UK's future plans for its Port Talbot plant in Wales, but had cancelled their strike citing assurances of further investment discussions.

Tata Steel shares on Friday closed 0.85% lower at Rs 174.75 per share, while the BSE Sensex declined 0.07%.

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