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.”
You might also like...
EU urged to free up steel recycling
Ferrous recyclers have called on EU legislators to relax regulations that they say prevent steel producers processing a “scrap reservoir” of around 2.5 billion tonnes.
Little cheer for PRN buyers in new packaging data
Packaging recovery note (PRN) buyers will be disappointed by the lack of positive news in the Environment Agency’s (EA) third quarter packaging data.
EU manufacturers 'unable to deal with waste plastic pledge'
More recycled plastic has been offered under the EU’s plastics strategy than can be used by manufacturers.
Mixed picture from battery and WEEE collection data
Waste battery collection rates hit almost 32% by the third quarter of 2018 against a target for the year of 45%.
Interserve shares collapse following losses on EfW business
Shares in the public services provider Interserve have taken a nose-dive after fresh concerns arose that it was seeking a deleveraging deal to eliminate some of its debt.
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.