Steel concern Tata Steel recorded almost twice as much profit in the quarter compared to a year earlier. Revenue also increased compared to a year earlier, partly because the steel giant significantly increased its production in India.
Tata Steel, which also includes the former Hoogovens in IJmuiden, recorded a net profit of almost 23 billion rupees in the third quarter of its financial year. That is approximately 285 million euros. A year earlier, under the line, another 13 billion rupees remained, this was partly due to a one-off charge. Turnover rose by 7 percent to 412 billion rupees.
The strategy of the steel giant to focus more on India, its home market, is bearing fruit. The group achieved a turnover of more than 200 billion rupees, an increase of about 12 percent compared to a year earlier. Last year Tata Steel took over the Indian Bhushan Steel. Topman Thachat Viswanath Narendran pointed out in an explanation that Tata Steel, despite a sharp fall in international steel prices, has been able to significantly increase volumes in India.
The steel company also recorded sales in Europe, which rose to 159 billion rupees. Tata Steel is working on a merger of its European division with that of the German ThyssenKrupp. The European Commission is still working on an investigation into the deal.