Tata Steel European operations perform at 70% capacity

Tata Steel’s European assets are currently operating at 70% of their capacity, according to a statement published by the company during its latest financial group release, Kallanish notes

The company confirm that demand in Europe remains a concern. “Key steel consuming sectors such as automotive and construction sector continue to be adversely affected, though demand for packaging material has seen a sharp upsurge,” it said in its note. As a comparison, in India the group’s units are at 80% of their capacity.

Overall Tata Steel Europe saw its performance during the full fiscal year April 2019-March 2020 decreasing in terms of Ebitda. The unit registered a loss of RS 664 crores at Ebitda level. Liquid steel production was also down to 10.2million tonnes during the closed fiscal year, but it recovered somewhat in Q1 2020 by 5% quarter-on-quarter to 2.6mt.