Tata Steel, Fitch said, would replace its blast furnaces with more cost-efficient and environment-friendly electric arc furnace (EAF)-based steelmaking capacity.
Tata Steel, the country’s oldest steel producer, reported a consolidated net profit of Rs 3,698 crore in the December quarter as against a loss of Rs 1,029 crore in the corresponding period last year on the back of increased revenue, which was aided by both higher steel prices and volumes. The profit was ahead of consensus estimate of Rs 3,353 crore, according to Bloomberg, mainly led by the India operations. The company’s net sales in the period under review stood at Rs 38,806 crore, up 12 percent from same period last year on improved demand for steel in the domestic market, and were largely in line with expectations of Rs 38,982 crore.
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