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India's Tata Steel reported a consolidated net profit for the October-December quarter at 550.2 million U.S. dollars, which rose 4.3 times and 2.4 times over the corresponding quarter last year and sequential quarter of July-September, respectively, the company said.
Revenue for the third quarter of 2020-21 fiscal year of the world's most diversified steel company rose by 11 percent to 5.4 billion U.S. dollars backed by a strong performance in the domestic business.
"The recovery in the global and Indian economy has led to sharp improvement in steel demand in India," T.V. Narendran, CEO and Managing Director of Tata Steel, which has annual crude steel capacity of 34 million tonnes per annum, said on Tuesday.
Supply side disruption has led to a significant increase in global steel prices, improving profitability substantially, said a steel analyst with a domestic brokerage house.
Higher steel prices, lower coking coal prices and manageable iron ore prices have led to improved margins for steel companies, the analyst said.
Source: Xinhua
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