Tata Steel displays impressive performance in first Q OF FY09

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Kolkata, Jul 17 (UNI) Tata Steel completed the first quarter of FY09 on a buoyant note with a significant increase in its production.

A company release here today said hot metal production at 1.387 million ton and crude steel production at 1.253 million ton were higher by 3,2 per cent and 8.6 per cent respectively as compared to volumes in the first quarter last year.

The saleable steel production at 1.187 million ton registered an impressive increase of 11.5 per cent.

The first quarter sales at 1.081 million ton had recorded an increase of 11 per cent compared to that of the corresponding period last year.

The revenue from sales of branded products during the period had increased by 47 per cent as compared to last year.

The sales to automotive sector increased to 0.216 mt corresponding to market share of 42 per cent as against a market share of 38 per cent in first quarter of FY08.

The sales of skin panels for the current quarter at 7477 ton was significantly higher compared to 4248 ton for the corresponding quarter last year.

This was achieved mainly because many new approvals for commercial supplies were obtained during the period after meeting the strigent requirement of the auto manufacturers, the release added.

There was significant reduction in the working capital due to better operating management and working capital financial initiatives, it stated.

UNI SJC KK RN1947

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