Tata Steel Oct-Dec saleable steel output up 3.3% annually

Tata Steel, India's oldest steel company, produced 2.22 million tonne saleable steel in the quarter ended December, up 3.3% from corresponding period last year.

The company's sales in the period under review were up 3.05% on year-on-year basis at 2.13 million tonne, the alloy producer said in a release today.

The hot metal and crude steel production of the company stood at 2.38 million tonne and 2.29 million tonne respectively in the quarter gone by.

Due to closure of mines in Jharkhand and Odisha on renewal issues, Tata Steel was compelled to import iron ore for the first time in last over 100 years.

The company had earlier said, that the closure of mines would impact the stability of operations, cost structure and profitability during the December quarter.

The Jharkhand mines, which has 10 million tonne per annum capacity, is crucial to Tata Steel's raw material supply for its 9.8 mtpa Jamshedpur facility.

However, going ahead, raw material supply does not look like an issue for Tata Steel as the company's Naomundi mines in Jharkhand have resumed operations, while four mines of Odisha are up-and-running since last month.