Mumbai-based Tata Steel has approved the merger of its subsidiaries, Tata Metaliks and Indian Steel and Wire Products (ISWP) into Tata Steel Long Products.
The group has separated its assets in Netherlands and the UK, of which the former will potentially be sold off to SSAB Sweden, the company confirmed in its operating results for Q2 2021, ending Sep 30. Discussions regarding the future of Tata Steel’s operations in the UK with the government are underway.
In Q2 2021, the company’s total steel production fell 3.2pc to 6.73mn mt, over 6.95mn mt in the same quarter last year. However, steel output from India rose 2pc to 4.59mn mt, compared with 4.50mn mt in the same comparative period. Tata’s combined shipments totaled 7.4mn mt in Q2 2021, up 13.3pc from 6.53mn mt in the prior year period. Shipments in India reached 5.05mn mt in Q2 2021, rising by 22.3pc from 4.13mn mt in Q2 2020.
The company’s consolidated EBITDA rose 60pc to Rs62.17bn ($833mn) in Q2 2020 compared to Rs38.93bn during the same quarter one year prior.