Tata Steel posts Rs 2,239 crore loss in first quarter

Leading steel maker Tata Steel on Thursday said it posted a consolidated loss of Rs 2,239 crore (Rs 22.39 billion/$448 million) in the first quarter this fiscal as compared a profit of Rs 3,915 crore (Rs 39.15 billion/$783 million) in the previous corresponding period.

Leading steel maker Tata Steel on Thursday said it posted a consolidated loss of Rs 2,239 crore (Rs 22.39 billion/$448 million) in the first quarter this fiscal as compared a profit of Rs 3,915 crore (Rs 39.15 billion/$783 million) in the previous corresponding period.

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The losses, the Tata group company said, was due to poor demand in the US and Europe and low steel prices. Tata Steel had acquired Corus, Europe's second largest steel maker, in 2007.

In a regulatory statement, the company said its consolidated net sales fell to Rs 23,180 crore (Rs 231.8 billion/$4,636 million). This amount stood at Rs 43,375 crore (Rs 433.75 billion/$8,675 million) during the corresponding period last year.