Tata Steel 1QFY22 crude steel production up by 78% YoY, sales up by 61% YoY

Tata Steel said that its production and sales volume of crude steel for the first quarter of FY22 (1QFY22) surged by 78% year-over-year (YoY) and 61%YoY, respectively.

The Indian steel manufacturing company said that the huge surge was due to the fact that the same quarter of the previous year (1QFY21) was affected because of the Covid-19 pandemic and the strict implementation of a nationwide lockdown.

In 1QFY22, the production and sales volume of crude steel were 1,171 thousand tons and 1,119 thousand tons, respectively, compared to the previous year’s quarter of 659 thousand tons and 696 thousand tons, respectively.

Tata Steel 1QFY22 crude steel production up by 78% YoY, sales up by 61% YoY. Photo courtesy of Ashokinder/Wikipedia.org.

According to Tata Steel, the production of crude steel during the reported quarter was largely at par on a quarter over quarter (QoQ) basis. However, the volume of sales was affected because of partial lockdowns implemented by certain states as well as temporary shutdowns in few steel consuming sectors amid the second wave of the pandemic.

Tata Steel said that the Indian market has been improving since mid-June 21 with the lockdowns being lifted. During 1QFY22, the steel manufacturing company had launched B2ECA brand Tata Astrum.