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Tata Steel’s Profit Down 64% on Lower Prices and Provisions
May 30, 2024
Tata Steel’s quarterly profits fell 64% YoY to INR 6.1bn ($73mn) as a surge in alloy imports saw prices drop alongside lower realizations across geographies. The company noted that China’s steel supply outpaced demand, thereby leading to elevated exports. Shipments from China rose 91% YoY, with overall foreign imports up 38%. Tata Steel’s deliveries in India rose 5% while European deliveries fell 7%. Also, it reported a one-time charge of INR 5.94bn ($71mn), mainly due to provisions for impairment and costs regarding surrendering a chromite mining block in India.
Tata Steel’s dollar bonds were steady with its 5.45% 2028s at 98.8, yielding 5.81%.
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