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Slow European demand hits steel giant

Indian steel giant Tata reported worse than expected third quarter results.

Mumbai-based Tata Steel Group, which owns steel works in Port Talbot and Scunthorpe and Rotherham, reported a 763Cr rupees (£89m) after tax loss for Q3 2013 compared to a 364Cr rupees (£42m) in Q2.

The firm blamed “sliding demand” in the European market, reflected in deliveries down from 6.07 million tonnes in to 5.83 million tonnes.

Dr Karl-Ulrich Köhler, managing director and chief executive of Tata Steel in Europe said: “With the restart of the No 4 blast furnace at Port Talbot this week, we have regained our normal operational and logistical flexibility, enabling us to improve our delivery performance and our service to customers.”

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