Tata Steel Ltd. becomes the country’s biggest producer as Indian steel output rose to a record high in its latest financial year after the 2018 acquisition of Bhushan Steel Ltd. assets.
A Mumbai based company said in a statement on Saturday that production rose 35 percent to 16.79 million tons in the year ended on March 31 as Bhushan Steel added 4.2 million tons of output. Tata’s outputs are higher than the target by JSW Steel Ltd. which was 16.75 million tons. JSW is yet to release its latest final numbers for 12 month period.
However, Tata’s European Division fell 3.7 percent during 12 months to March to 10.3 million tons, the company said. The European Commission is reviewing to merge a plan by Tata; its European operations with operations of ThyssenKrupp AG.
Read EquityPandit’s Nifty Metal Outlook for the Week