Tata Steel announced its highest-ever annual crude steel production of 20.8 million tonnes, marking a 4 percent year-on-year growth, achieved through debottlenecking across its sites, according to a preliminary update on April 5.
During the fourth quarter of FY24, crude steel production remained largely stable at around 5.38 million tonnes.
Deliveries
Tata Steel India’s deliveries saw a 6 percent year-on-year increase, surpassing the previous best recorded in FY2023.
Domestic deliveries experienced a 9 percent year-on-year growth, capitalizing on the country’s rising steel demand and a flexible business model.
In the fourth quarter of FY24, deliveries witnessed an 11 percent quarter-on-quarter growth and a 5 percent year-on-year increase, reaching 5.41 million tonnes, marking the highest-ever quarterly deliveries.
Netherlands and UK
Subsidiary Tata Steel Netherlands reported steel production of 4.80 million tonnes in FY24, with deliveries at 5.30 million tonnes. Production and deliveries for the quarter showed improvement on a quarter-on-quarter basis, mainly driven by the restart of BF6 following relining completion in early February, as stated in a regulatory filing.
Tata Steel UK’s liquid steel production stood at 3.02 million tonnes in FY24, with deliveries reaching 2.80 million tonnes. Production remained broadly stable quarter-on-quarter, while deliveries rose by 8 percent to 0.69 million tonnes.
Other Key Highlights
The ‘Branded Products & Retail’ segment witnessed an 11 percent year-on-year increase in deliveries in FY24, totaling 6.5 million tonnes, surpassing the previous record set in FY23. This growth was primarily attributed to record annual sales of the well-established retail brand Tata Tiscon, which crossed 2 million tonnes.
Tata Steel Aashiyana reported revenues of Rs. 2,240 crore in FY24, marking a 30 percent year-on-year increase, driven by the platform’s best-ever sales in the third and fourth quarters. Aashiyana serves as the company’s e-commerce platform for individual home builders.
Tata Steel reported a consolidated net profit of Rs 522.14 crore in the October-December quarter, compared to a net loss of Rs 2,501.95 crore in the corresponding quarter of the previous year, supported by robust domestic demand offsetting weakness in Europe.
