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Tata Steel’s domestic output, sales hit record in 2013-14

Tata Steel on Tuesday said that both its domestic annual production and sales hit record levels in 2013-14 at 9.15 million tonnes and 8.52 million tonnes, respectively.

‘Tata Steel completed FY14 with an overall increase in production and sales volumes. The company registered its best ever performance in hot metal, crude steel, saleable steel production and total sales,’ it said in a statement.
Hot metal production, which the company started in 1907, exceeded the previous best at 9.89 million tonnes in the previous financial year against 8.86 million tonnes in 2012-13.

Crude steel production touched the highest-ever at 9.15 million tonnes compared with the previous best of 8.13 million tonnes in 2012-13.
Saleable steel production of the company, which has its lone operational production plant at Jamshedpur with about 10 million tonnes per annum of installed capacity, clocked a 12 per cent growth in the April-March period from 7.94 million tonnes a year ago. Tata Steel's sales rose 14 per cent from 7.48 million tonnes a year ago, buoyed by ‘best-ever’ sales to the automotive, industrial products and LPG segments.
Annual sales to the automotive, industrial products and LPG segments rose to 1.17 million tonnes, 1.7 million tonnes and 1.1 lakh tonnes, respectively. Tata Steel Group's annual crude steel capacity now stands at over 29 million tonnes per annum. The group has production facilities in the UK, the Netherlands, Thailand, Singapore, China and Australia.

Production of saleable steel clocked a 7 per cent growth the January-March quarter, while sales rose 6 per cent. On Monday, Credit rating agency Fitch revised outlook on Tata Steel and its subsidiary Tata Steel UK Holdings Ltd to stable from negative on possible improvement in its financial profile.

‘The outlooks have been revised to stable from negative .... The Outlook revision reflects Fitch’s expectations of improvement in TSL’s (Tata Steel) financial profile in the near to medium term,’ Fitch Ratings Singapore said in a statement.
It affirmed the long-term foreign currency issuer default rating on Tata Steel at BB plus. The agency also affirmed the B plus long-term foreign currency issuer default rating on Tata Steel UK Holdings.
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