Tata Steel reported a 2 per cent rise in crude steel production to 4.81 million tons in the second quarter of  FY23 compared with 4.73 million tons posted in FY22. On a QoQ basis, crude steel production declined 2.24 per cent from 4.92 million tons in the first quarter of FY23. The decrease in steel production was due to a planned shutdown, said to company.

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On a half-year basis, crude steel production was up 4 per cent yearly. The company stated that Tata Steel caters to approximately 87 per cent of the domestic market. Tata Steel Europe steel production fell to 2.40 million tons in the second quarter of FY23, down 6.25 per cent yearly and down 1.64 per cent quarterly. 

Tata Steel Group is a top global steel company with an annual crude steel capacity of 34 million tons per annum. On a consolidated basis, Tata steel’s net profit dropped 21 per cent to Rs 7,714 crore on an 18.8 per cent increase in net sales to Rs 63128.32 crore in the first quarter of FY23 over the first quarter of FY22. The company’s shares shed 0.19 per cent to Rs 103.25 on the Bombay Stock Exchange (BSE).