[Ferro-Alloys.com] Tata Steel India produced 18.21 million tonne (mt) crude steel during the financial year ended March 31, 2020. The company achieved a 8% growth in production in FY20, which helped it maintain its position as the largest domestic steel producer for the second consecutive year. 

 

This growth was led by a ramp up of Tata Steel BSL and acquisition of Usha Martin steel business by Tata Steel Long Products in April 2019. 

 

Steel Authority of India Ltd (SAIL) emerged in the second spot with a production of 16.15 mt in FY20, while JSW Steel slipped to third slot with an annual production of 16.06 mt in FY20. In FY19, JSW Steel had produced 16.69 mt while SAIL had an annual production of 16.3 mt. 

 

During FY20, Tata Steel India also posted its best-ever annual sales. Figures for Tata Steel India comprise Tata Steel standalone, Tata Steel BSL (from May 18, 2018) and Tata Steel Long Products (from April 09, 2019). 

 

Tata Steel India had produced 16.81 mt of crude steel in FY19. When compared to FY18 production figures of 12.48 mt, Tata Steel India has registered a growth of 45%. 

 

The company said its production growth was "in line with its strategic vision of leveraging the growth potential of the Indian economy by pursuing both organic and inorganic growth opportunities." 

In the past two years, Tata Steel has undertaken a number of tangible steps to strengthen and expand the India operations. 

 

Even as there are restrictions of movement of people and industrial activities in the country due to the Covid-19 outbreak, the company said its production volume grew 6% YoY to 4.74 mt during the last quarter of FY20, though it certainly affected Q4FY20 sales volumes in India. 

 

In terms of segment performance, Tata Steel India witnessed highest ever annual sales in Branded Products and Retail segment in FY20 with an increase of 8% over FY19. The company was successful in maintaining volumes for Industrial Products & Projects segment with a strong increase in sales in Oil & Gas and Industrial Pipe segment. It also sustained its focus on Automotive & Special products segment and increased share of high-end sales in the segment volume from 19.5% in FY19 to 25% in FY20. 

 

The company has said its foremost priority is the health and safety of its employees in these unprecedented times amid the rapidly evolving situation. 

 

While Tata Steel is focused on conserving cash and ensuring adequate liquidity, it said it "continues to monitor the situation closely and has taken several initiatives to ensure that the operations are in a state of readiness to ramp back as the situation improves and normalcy is restored." 

 

Source: economictimes