AL JAZEERA ENGLISH (AJE)
A 42 pct plunge was forwarded by Tata Steel, (among the top 10 steel companies in the World), in its consolidated profit at Rs 473 crore during the third quarter of FY10 over the corresponding period last year. Furthermore, a decline from Rs 33,199 crore to Rs 26,202 crore was seen in the company’s total income from operations, during the period under review, which occurred mainly because of to a fall in demand in US and Europe.
Tata Steel, the world’s eighth-largest steel maker ascended by 9 percent in sales in January to 5.56 lakh tones. Last year’s sale of the company in January was 5.11 lakh tones.
The Major of the company told that there was increase of 8 percent in sales of flat steel products and 10 per cent in long steel products. Flat steel products are consumed by automobiles while other one is consumed by infrastructure firms.
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Tata Steel and Steel Authority of India, the Indian steel giants, have jacked up the prices of steel, reflecting a higher demand for the commodity.
SAIL withdrew discounts to retailers which resulted in the rise of prices of flat and long products by Rs 700-1,500 a tonne.
Rival Tata Steel raised the prices of long products by Rs 2,000 a tonne. However, Tata Steel left the prices of flat products untouched.
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