Tata Steel India sales rises 6% to 20 million tonnes in FY24; production up 4%

Tata Steel India has reported a 6 per cent growth in deliveries to 19.90 million tonnes in FY24, supported by higher demand from retail, automotive and railway segments.

In India, the company produced 18.85 million tonnes (MT) of steel during the preceding 2022-23 financial year, Tata Steel said in a statement on Saturday. Automotive and special products segment deliveries increased by 8 per cent in FY24 to 2.9 MT, surpassing the previous record in FY23.

Branded products and retail segment deliveries increased by 11 per cent in FY24 to 6.5 MT. The industrial products & projects segment deliveries rose 6 per cent to 7.7 MT. Among sub-segments, engineering registered best-ever annual sales led by pre-engineered buildings and railways, among others, the company said.

"Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at Rs 2,240 crore in FY24 and were up 30 per cent, driven by best-ever 3Q and 4Q sales," it added.

The company in India produced a record 20.8 MT crude steel in 2023-24, 4 per cent higher than 19.88 MT in the previous fiscal. In 4Q FY24, crude steel production stood at around 5.38 MT against 5.15 MT in Q4 FY23.

Tata Steel Netherlands liquid steel production in FY24 was 4.80 MT, and deliveries were 5.30 MT. In FY23, the output was 6.33 MT, and sales stood at 5.62 MT.

Tata Steel UK's liquid steel production in FY24 stood at 3.02 MT, and deliveries were at 2.80 MT. In FY23, the output was 3.02 MT and sales at 2.95 MT.