Tata Steel Europe reduced the production of rolled steel by 7.4% y/y for the first half of FY2022/2023

Tata Steel Europe, a subsidiary of Indian steelmaker Tata Steel, has announced its results for the second quarter (July-September 2022) and the first half of the 2022/2023 financial year. SteelOrbis writes about it.

In the second quarter of the FY2022/2023, production of rolled steel fell by 6.2% y/y – to 2.4 million tons. The volume of sales in this period decreased by 12.1% y/y – to 1.88 million tons due to seasonal factors.

In the first half of the FY2022/2023, Tata Steel Europe’s steel production fell by 7.4% year-on-year – to 4.84 million tons. The sales volume decreased by 10% y/y – to 4.02 million tons.

As GMK Center reported earlier, German steel producers and traders expect lower product prices in October 2022 amid lower production costs. According to a survey of producers and traders, the October price index fell by 41 points compared to 75 points in September.

As GMK Center wrote before, domestic hot-rolled coil (HRC) prices in Europe fell at the end of this week due to weak demand and mills’ efforts to generate orders through giving discounts.