Tata Steel achieves highest ever sale of 10.94 mt in FY17

Jamshedpur: Private steel major Tata Steel achieved its highest ever annual sales volume of 10.94 million ton in FY17, up by 15 percent over FY16 sales of 9.54 mt.

Announcing the production and sales performance of the company in the FY 17, Managing Director (India and South East Asia), T V Narendran said the company also achieved highest ever annual automotive sales at 1.54 mt.

It's a growth of 9 percent year on year against industry growth of approx 6 percent, and it took the company's market share from 42 percent in FY16 to 44 percent in FY17, Narendran said.

Tata steel registered 3.18 mt sales in the Q4 of FY17 against 2.72 mt in the corresponding year in FY16.

The saleable steel production also surpassed the 9.70 mt figure achieved in FY 16 to 11.34 mt in FY17, he said.

The company produced 13.06 mt of Hot Metal in FY 17 compared to 10.65 mt last year.

The production figure of hot metal in the Q4 was 3.52 mt against 2.71 mt in the corresponding period last year.

Narendran said Tata Steel's export sales grew to 7 percent of total volume in FY17 against two percent total volume achieved in FY16.

Stating that the steel sector has started look up, Narendran said that the steel industry has exported more steel than importing and emerged as net exporter of steel.

Appreciating the Union government's focus on improving infrastructure including road/rails/ports, Tata Steel MD said the initiative was good for steel industry's health and also helped improve per capita consumption of steel.

To a query on the amount Tata Steel would invest for the second phase of its Kalinganagar plant, Narendran said it was being awaited for approval of the Board of Directors.

He, however, clarified that the amount would be less than the investment made in the first phase.