Tata Steel posts Rs.2,239 Crore loss in Q1

Tata Steel posts 2,239 Crore loss in Q1

Friday, 28 August 2009, 01:40 Hrs   |    1 Comments
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Mumbai: Leading steel maker Tata Steel Thursday said it posted a consolidated loss of 2,239 crore (22.39 billion/$448 million) in the first quarter this fiscal as compared a profit of 3,915 crore (39.15 billion/$783 million) in the previous corresponding period.

The losses, the Tata group company said, was due to poor demand in the U.S. and Europe and low steel prices. Tata Steel had acquired Corus, Europe's second largest steel maker, in 2007.

In a regulatory statement, the company said its consolidated net sales fell to 23,180 crore (231.8 billion/$4,636 million). This amount stood at 43,375 crore (433.75 billion/$8,675 million) during the corresponding period last year.
Source: IANS
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Reader's comments(1)
1: TATA can sustain in this market but buying corus was a hurried decision when in US people were not buying garment in 2006 how can they never saw the market is declining. Industry just expanded on optimism.
Now its difficult for Asia to sustain because most the money will be pulled back by western world. And that is not used constructively. We have to be very coutious in this environment.
Posted by:sanjay 09811088041 - 28 Aug, 2009