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Tata Steel Registers 8.34% Sales Growth In 2015-16

The company recorded hot metal and crude steel production of 10.65 MT and 9.96 MT in 2015-16, while that of saleable steel was at 9.70 MT

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Private steel major Tata Steel said it registered a rise of 8.43 per cent in total sales at 9.48 million tonnes (MT) for the financial year ended March 31, 2016.

Total sales in the previous fiscal stood at 8.75 MT.

The company recorded hot metal and crude steel production of 10.65 MT and 9.96 MT in 2015-16, while that of saleable steel was at 9.70 MT, the company's Managing Director (India and South East Asia) T V Narendran told reporters.

He said hot metal production last fiscal stood at 10.16 MT, while that of crude steel was 9.33 MT.

Saleable steel production, which stood at 9.07 MT last year, recorded a 6.95 per cent increase at 9.70 MT in 2015-16.

Despite slowdown in the market coupled with fall in international steel prices last year and increase in imports, Tata Steel operated at 100 per cent capacity without any hindrance, he added.

Narendran said the main challenge before the company in the new fiscal was to ensure smooth commissioning of the Kalinganagar project in Odisha.

He said there is some stability in the steel sector after the government imposed Minimum Import Price, pitching for a level playing field to compete with international players.

Referring to cheap imports, he said China was reacting as per the prevailing market situation there and India should respond keeping in mind its own domestic conditions.

He added that the situation in China appeared to have improved in the last one-and-half months, expressing confidence that the domestic steel sector will bounce back as well. .

Emphasising the need to attract investments in the country to make 'Make in India' a success, Narendran said the manufacturing sector needs to be promoted as it creates more job opportunities.

Asked about further expansion of the Jamshedpur plant to enhance capacity to 11 MT from the current 10 MT, Narendran said the company has already obtained environmental clearance and will now seek requisite approval from the company s Board of Directors.

To a query about the company's SEZ in Gopalpur (Odisha), Narendran said all clearances from the government have been secured while marketing for the SEZ was on.

"Our team has been to China, Singapore and other places for marketing it and about 15 investors have shown keen interest in it," he said.

Narendran expressed confidence that the commissioning of the proposed ferro-alloy plant at the Gopalpur SEZ will take place soon.

(PTI)