Tata Steel, one of India’s top steel manufacturers, declared a threefold increase in its profit for Q2 2018, as reported by The Hindu. Its quarterly net consolidated profit swelled to Rs. 3,116 crore, up from Rs. 1,018 crore in the same period last year. This was the highest in the previous nine years.
The Steelmaker also increased its revenues by 34 per cent growth, taking the total to Rs. 43,544 crore. Regarding the results, the CEO (Chief Executive Officer) and MD (Managing Director) of the company, T V Narendran stated, “Tata Steel Group has delivered extremely strong results this quarter driven by robust operational performance and favourable business conditions in India. This quarter, despite a seasonally weaker period, we sold 4.32 million tonnes across Tata Steel standalone and Bhushan Steel. This demonstrates our strong customer relationships and the strength of our marketing franchise. We continue to work on our strategy of increasing our Indian footprint as we ramp up operations at Bhushan Steel and implement our 5mtpa expansion at Tata Steel Kalinganagar.”
In June 2018, Tata Steel Ltd. signed definitive agreements to merge its European arm, Tata Steel Europe with ThyssenKrupp AG, a German Steel company. The JV (Joint Venture), ThyssenKrupp Tata Steel BV, will have a combined workforce of about 48,000 and annual sales of about €17 billion.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.