Tata Steel's net rises 196% at Rs 12,321.76 cr

Total income of the company shot up by 415 per cent to Rs 13,2110.09 crore from Rs 25,650.45 crore. Steel output during the financial year 2007-08 was reported marginally lower at 48,58,401 tonnes from 49,28,548 tonnes in 2006-07. Sales also declined to 4781847 tonnes from 4794012 tonnes. But, higher prices of steel in the global market fetched Rs 2,123.41 crore from exports during FY08 as compared to 1957.76 crore in FY07.

Globally, steel prices surged around 10-12 per cent in the last one year on voracious appetite in developing countries for infrastructure development.During the financial year 2007-08, the steel major announced that Tata Metaliks has become a subsidiary of the company with Tata Steel  and its subsidiaries holding 50.05 per cent equity share capital of Tata Metaliks.

In February 2008, the company has acquired 70 per cent equity shares in Al Rimal Mining LLC, a group company of the Al Bahja Group of Oman for the development of the Uyun Limestone deposits at Salalah in the Sultanate of Oman. Consequently Al Rimal Mining LLC has become a subsidiary of the company during the period.