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.