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India's Tata Steel April-June sales volume down 22.8 pct due to COVID-19 impact

• Monday, July 13, 2020
• Source:ferro-alloys.com

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• Keywords:India's Tata Steel COVID-19 impact

[Ferro-Alloys.com] 

India's Tata Steel reported 22.8 percent drop in its April-June sales volume to 5.28 million tons compared to 6.84 million tons over the corresponding period last year, due to disruption caused by COVID-19 pandemic, a company statement said Thursday.

 

Consolidated output of the world's second-most geographically diversified steel producer declined by 28.5 percent to 5.52 million tons.

 

The company, which operate in 26 countries or regions and with employees across five continents, attributed the lower sales and production volume to the restrictions led by COVID-19 that severally impacted industrial activity and consumer sentiment across all geographies.

 

To counter the closure of the Indian markets in April and May, exports were ramped up significantly by tapping new markets and improving the supply chain capability but domestic sales improved significantly in June as economic activity resumed in India, the statement said. 

 

Source: Xinhua

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