Mumbai-based steelmaker Tata Steel has reported the “highest like-for-like quarterly production for five years” in Europe.
Production between July and September 2013 increased to 3.86 million tonnes from 3.74 million tonnes in the previous quarter and was 16% higher year-on-year.
Karl-Ulrich Köhler, managing director and chief executive of Tata Steel in Europe, said that the improvement in production continued into the second quarter following the restart of the Port Talbot blast furnace.
The furnace became operational again in February 2013 after Tata poured some £185m into a rebuilding project.
“This fed through to a stronger financial performance in the first half [of the year], despite margins being squeezed in the September quarter,” said Köhler.
In the first half of the year (which following the Indian financial calendar is referred to as H1 of 2014 and runs from April to September) reached Rs2,9bn (£28m), up 74% in comparison to the same period last year.
Revenues slightly increased to Rs69.4bn.
“The investments in our asset base are proving their worth in what continues to be a challenging market,” said Köhler. “We are focused on maintaining our momentum and will continue to strengthen partnerships with customers by offering them more premium products and services.”
- Local media reports in Scunthorpe indicate that letters are being sent to all 4,000 Tata Steel employees in the town, advising them that the formal consultation period on the proposed loss of 500 job is to start.