Tata Steel net up on high prices

Mumbai : On the back of higher steel prices, Tata Steel on Wednesday reported a consolidated net profit of Rs 4,177.1 crore for the fourth quarter ended March, up 71.6 per cent compared to the same period last year. The turnover of the company in the quarter grew to Rs 33,818 crore as against Rs 27,501 crore.

Tata Steel Europe posted an Ebitda of Rs 4,204 crore for 2010-11 against a loss of Rs 1,350 crore last year. Its profit after tax also reached Rs 1,667 crore as against a net loss of Rs 7,502 crore. The robust performance of Tata Steel Europe, includes the sale of TCP to SSI, Thailand, at Rs 2091 crore.

He said the company is repositioning its business and the thrust will be on value addition and not volumes. The company recently announced job cuts to the tune of 1,500 employees to restructure its long steel business portfolio. He said that Tata Steel Europe is running at a capacity utilisation of 89 per cent as on March.

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