Tata Steel Posts 6 Billion Q3 Net Loss

Friday, 10 February 2012, 16:44 IST
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Kolkata: India's biggest steel maker, Tata Steel, reported a consolidated net loss of 6.03 billion for the quarter ended December 2011, against a net profit of 10 billion in the same period a year ago. The loss was mainly due to soaring raw material costs and cut in demand in Europe following the debt crisis. However, the Mumbai-based company, the world's number seven steel maker, registered a 15.23 percent jump in its consolidated net sales at 329.64 billion during the Q3 of the current fiscal, from 286.06 billion during the same period last fiscal, according to a release here. H.M. Nerurkar, the firm's Managing Director said, "Our Indian operations delivered steady performance during the last quarter, with flat product volumes increasing 3 percent year-on-year. Long product volumes dropped marginally due to planned shutdowns."
Source: IANS