Tata Steel Long Products achieves the highest ever quarterly deliveries of steel and DRI

Tata Steel Long Products Limited has announced the key production and delivery volumes (Provisional) for Q2/H1 FY21.

During 2QFY21, global economic activity has started to recover with phased relaxations in lockdown measures, however, the pace of improvement has been varying across the geographies. Tata Steel Long Products continues to closely monitor the situation and take appropriate actions in line with the directions issued by the regulatory authorities keeping in view the health and safety of its employees and the community and the interests of its customers and other stakeholders. We also continue to stay focused on aggressively managing costs and cashflows.

In India, in 2QFY21, overall apparent steel consumption was down by 7.5%YoY while crude steel production was down by 1.9%YoY. However, we successfully ramped up our production through debottlenecking and achieved the highest ever quarterly crude steel production of 0.17 mn tons with 40%QoQ and 13%YoY growth. DRI production at 0.18 mn tons was also the highest ever with 70%QoQ and 30%YoY growth.

We achieved the highest ever quarterly steel deliveries of 0.18 mn tons which translates to a 54%QoQ and 53%YoY growth. We reduced exports to 31% of overall deliveries in 2QFY21 and sharply ramped up domestic deliveries to 0.12 mn tons which translates to an increase of 138%QoQ and 7%YoY. We also achieved the highest ever DRI sales of 0.19 mn tons which translates to a 90%QoQ and 35%YoY growth.

Shares of Tata Steel Long Products Limited was last trading in BSE at Rs.334.05 as compared to the previous close of Rs. 329.45. The total number of shares traded during the day was 1177 in over 96 trades.

The stock hit an intraday high of Rs. 337.15 and intraday low of 332.6. The net turnover during the day was Rs. 393134.

Source : Equity Bulls

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