Tata Steel has registered a growth of 11 per cent after it achieved highest-ever annual sales of 12.13 million tonnes in FY’18, as per provisional data.
The company has achieved a production of 12.26 million tonnes in the fiscal ended March 31, 2018, as against 11.35 million tonnes in the year-ago period.
The annual sales of 12.13 million tonnes was against 10.97 million tonnes it achieved last year.
The company has also achieved best-ever annual sales in automotive sector, registering a growth of 21 per cent in the FY18 against an industry growth of 14 per cent (mainly driven by 2-wheelers and 3-wheelers).
Addressing a press conference here today, Tata Steel CEO and Managing Director, T V Narendran said the performance of steel sector globally was better in 2017-18 compared to last three years due to the stability witnessed in the sector.
The steel sector has performed better across the globe including the US, EU, Latin America and China, he said, claiming that the issues raised by the steel sector in view of increasing export of steel by China was largely addressed.
China had been exporting 120 million tonnes of steel globally including India, which has come down to 70-80 million tonnes, which was a reason behind the improvement witnessed in the sector, he said. Read More