India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the third quarter and the first nine months ended December 31 of the current Indian financial year.
Tata Steel Group recorded a net loss of $96 million in the nine months ended December 31, compared to a net profit of $901 million in the corresponding period of the financial year 2011-12. For the third quarter, the group registered a net loss of $139 million compared to a net loss of $110 million in the same quarter of the previous year.
The group's consolidated turnover in the first nine months saw an increase of 1.2 percent year on year to $18.2 billion. In the given period, Tata Steel Group's EBITDA was $1.5 billion. The group's steel deliveries in the January-December period decreased by 2.9 percent year on year to 17.6 million mt.
Tata Steel's Indian operations indicated a steady performance during the third quarter despite the overall weak steel demand situation in India, while Dr Karl-Ulrich Kihler, managing director & CEO of Tata Steel in Europe, said that sliding demand was a key problem for European steelmakers in 2012 and this was reflected in the company's December quarter deliveries.
