Sat. Sep 26th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Tata Steel BSL crude steel production drops over 41% in June quarter

2 min read

Tata Steel BSL on Thursday said its crude steel production fell over 41 per cent to 6,59,000 tonnes during June quarter 2020 as compared with 11,22,000 tonnes in corresponding period a year ago, hit by COVID-19 pandemic.

The company’s sales also declined 19.58 per cent to 6,94,000 tonnes in the June quarter as against sales of 8,63,000 tonnes in the first quarter of 2019-20.

“Production and sales were impacted in the first quarter of 2020-21 as the outbreak of COVID-19 and ensuing mobility restrictions severely impacted industrial activity and consumer sentiment. This affected crude steel production and sales during the quarter,” Tata Steel BSL said in a regulatory filing.

Tata Steel BSL said the company started ramping up its steel making operation at Angul, Odisha, in the second half of June 2020.

“Downstream facilities are also being ramped up progressively on the back of improvement in market demand and higher capacity utilization,” it said.

While April and May 2020 sales were lower, the company said it achieved the level of pre-COVID sales volumes in June 2020 with the phased opening of economic activity in India supported by ramp up of production, launch of branded products and higher exports sales.

Tata Steel BSL said it is closely monitoring the situation and taking appropriate actions as per the directions issued by the regulatory authorities from time to time keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders.

“Tata Steel BSL continues to stay focused on managing costs and working capital, and ensuring adequate liquidity,” the company said.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.