Tata Steel announces 4QFY2024 and FY2024 production and delivery volumes
In a notable disclosure, Tata Steel has reported its production and delivery volumes for the fourth quarter of the fiscal year 2024 (4QFY24) and for the fiscal year 2024 (FY2024) in its entirety. The figures, all expressed in million tons, shed light on the operations of Tata Steel across different regions, including India, the Netherlands, the UK, and Thailand.
Key Highlights from the Report
Tata Steel India, a significant arm of the conglomerate, achieved an unprecedented annual crude steel production of approximately 20.8 million tons, marking a 4% year-over-year (YoY) increase. This growth is attributed to debottlenecking across sites and an uptick in steel production at Neelachal Ispat Nigam Limited. The fourth quarter of FY24 saw Tata Steel India’s crude steel production stabilizing around 5.38 million tons.
In terms of delivery volumes, Tata Steel India recorded a 6% YoY increase, surpassing its previous record set in FY2023. The domestic deliveries experienced a substantial 9% YoY growth, benefiting from the robust demand for steel in India and Tata Steel’s agile business model. The fourth quarter alone witnessed an 11% quarter-over-quarter (QoQ) and 5% YoY increase in deliveries, amounting to 5.41 million tons – the highest quarterly deliveries ever recorded by the company.
Further breaking down the domestic delivery volumes for FY2024, the ‘Automotive & Special Products’ segment saw an 8% YoY increase, reaching approximately 2.9 million tons. The ‘Branded Products & Retail’ and ‘Industrial Products & Projects’ segments also surpassed their previous bests with 11% and 6% YoY increases, respectively.
On the international front, Tata Steel Netherlands and Tata Steel UK also posted their production and delivery figures for the period under review. Tata Steel Netherlands saw a QoQ improvement in both production and deliveries, attributed to the restart of Blast Furnace 6 (BF6) following its relining in early February. Tata Steel UK reported stable production and an 8% increase in deliveries for the quarter.
Production and Delivery Details
Tata Steel India: Achieved a historic high in annual crude steel production at approximately 20.8 million tons for FY2024, with a 4% increase YoY.
Tata Steel Netherlands: Liquid steel production stood at 4.80 million tons with deliveries reaching 5.30 million tons in FY2024.
Tata Steel UK: Maintained steady liquid steel production at 3.02 million tons and reported deliveries of 2.80 million tons for FY2024.
Tata Steel Thailand: Recorded saleable steel production and deliveries indicating a consistent performance with the previous year’s figures.
This comprehensive report on Tata Steel’s production and delivery volumes for FY2024 illustrates the company’s robust performance across its operational geographies, highlighting its capacity to meet growing steel demands and adapt to market dynamics. The increase in production and delivery volumes, particularly in India, signals Tata Steel’s strategic positioning to leverage the country’s steel demand growth. The company’s focus on optimizing production processes and expanding its market reach, especially in high-demand sectors like automotive and construction, underscores its commitment to sustainable growth.