Synopsis:
Tata Steel, a major steel company, has shared its production and delivery numbers for the financial year 2024. The company achieved record-high steel production in India, with growth in key sectors like automotive, retail, and industrial products. Despite some challenges, Tata Steel's plants in Europe also showed improvement in the last quarter.
Article:
Tata Steel, one of the world's leading steel makers, has released its production and delivery figures for the financial year 2024. The company has a lot to be proud of, especially in its Indian operations.
In India, Tata Steel made more crude steel than ever before. They produced around 20.8 million metric tons, which is 4% more than the previous year. This success comes from the company's efforts to improve its plants and increase production at its Neelachal Ispat Nigam Limited facility.
When it comes to delivering steel to customers, Tata Steel India also had a record year. They delivered 6% more steel compared to FY2023. Interestingly, their deliveries within India grew even more - by 9%. This shows that Tata Steel is doing a great job of meeting the growing demand for steel in the country.
Looking closer at different types of steel products, Tata Steel had some impressive numbers. Their sales of steel for cars and special products went up by 8%, reaching about 2.9 million metric tons. Their branded and retail steel products also saw an 11% increase, with sales of over 6.5 million metric tons. Notably, their popular retail brand, Tata Tiscon, sold more than 2 million metric tons for the first time.
In the industrial sector, Tata Steel's deliveries grew by 6%, totaling around 7.7 million metric tons. The company's online platform for individual home builders, Tata Steel Aashiyana, also had a great year. Its revenues jumped by 30% to Rs. 2,240 crores, thanks to record sales in the last two quarters.
While Tata Steel's European operations faced some challenges, there were signs of improvement. In the Netherlands, the company's steel production and deliveries increased in the last quarter as they restarted one of their blast furnaces. In the UK, production remained steady, and deliveries went up by 8% in the final quarter.
Overall, FY2024 was a year of significant achievements for Tata Steel, particularly in India. Despite a tough global market, the company managed to set new records and maintain its position as a leading steel producer.
Conclusion:
Tata Steel's FY2024 results show that the company is going from strength to strength, especially in its home market of India. With record production and deliveries, and strong growth across key sectors, Tata Steel has demonstrated its ability to meet the increasing demand for steel.
Source: STEELGURU
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