Tata Steel Europe reports record 1.2bn pounds loss

Indian steel giant Tata Steel’s European arm has reported a record loss of 1.2 billion pounds for the year.

Tata Steel Europe, Britain’s largest steel producer, reported the losses for the year until March 31 as part of its latest results filed at Companies House in the UK. They mark a massive rise from 846 million pounds the previous year.

As per the company’s filing, revenues fell 14 per cent to 8.7 billion pounds due to a “deterioration to market conditions in the second half”.

Most of Tata Steel’s manufacturing facilities are in Europe, which is a high-cost area and where demand for steel products is much lower than in developing parts of the world.

Tata Steel Europe employs 32,500 workers, including about 19,000 in Britain. Its main operations are at Port Talbot, south Wales, and at Scunthorpe.

(Agency)

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