Tata Steel's Q1 hot metal output up nearly 17% at 3 MT

Tata Steel on Monday said its hot steel production rose by 16.66% to 3.01 million tonnes (MT) in the first quarter (Q1) of the current fiscal.

The company had recorded hot metal output at 2.58 MT in the first quarter (Q1) of 2015-16.

For the April-June period of 2016-17,  its crude steel production rose by 7.69% to 2.52 MT from 2.34 MT a year ago.

Saleable steel production rose by 5.85% to 2.35 MT during the quarter under review, compared with 2.22 MT in the year-ago period, the company said in a statement.

The company said it achieved, "best ever automative steel sales of 379 KT", as against 334 KT in the first quarter (Q1) of the last fiscal.

As per the provisional data, it also saw "best ever hi-end steel sales (high-tensile cold rolled, galvannealed and skin) of 76.4 KT sales in Q1 FY17 (previous best 70.5 KT in Q1 FY 16)."

Steel production during April-December period of 2015-16 rose by 7% to 7.4 MT as against 6.89 MT in the year-ago period, it added.

The company said it bagged a number of awards including 'BML Munjal award' for business excellence under sustained excellence category and 'National Award for Outstanding Achievement in Industrial Relations' by All India Organisation of Employees.

On Monday, the shares of Tata Steel closed 1.18% higher at Rs 331.20 a piece on the Bombay Stock Exchange (BSE).