In the same quarter a year ago, Tata Steel booked charges of Rs 4,069 crore, including curtailment charges relating to the closure of Tata Steel Europe's pension scheme. JSW Steel Coated Products also recorded a healthy profit of Rs 275 crore in 2017-18 from a revenue of Rs 12,553 crore.
Its total expenses increased to Rs 17,275 crore during the fourth quarter of the last fiscal compared to Rs 16,578 crore in the year-ago period. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity". "The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed".
Narendran said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds. "The 50:50 JV discussion with thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.
"Kalinganagar Phase 2 expansion is progressing well, which will take our capacity from 13 million tonnes (mt) to 18 mt of crude steel".
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"We have made a decision to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said.
Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday. "We also completed a $2 billion Rights Issue", Chatterjee added. This is now expected to be enhanced by Rs 17,600 crore to implement new projects.
Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.
This is unedited, unformatted feed from the Press Trust of India wire.