Tata Steel’s European arm has reported a loss of £654mn ($842mn), expressing its inability to operate amid looming financial crisis and COVID-19 related woes, according to media reports. 

The company’s consolidated turnover fell to Rs24.28bn ($330mn) in Q1 of 2020, compared to Rs35.94bn a year ago on the back of lower deliveries and sharp decline in spreads. 

The company received support from the UK and Netherlands’ government including cash flow deferrals of payables. The consolidated EBITDA dropped to Rs10.38bn from Rs55.30bn in the prior year period.

However, during the quarter, the company adjusted operations and sales across the globe with underlying market conditions which had an adverse impact on volumes and margins.

 

($1= Rs73.5)

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