Tata Steel registers 38% rise in sales in October 2009
Tata Steel registers 38% rise in sales in October 2009 – Today, Tata Steel has registered 38% rise in its sales to about 462,000 tonnes in October 2009 on the back of full bodied demand from the construction sector. Last year, in the corresponding period, steel major’s sales endured at about 335,000 tonnes, as per company’s statement.
In addition, the company stated that in the reporting month, there was 89% rise in the sales of long steel products over the same month a year ago. Though, the quantity of products mainly used by the construction companies and infrastructure could not be determined instantly.
During the month under review, the company has noticed its crude steel output increasing by 22% to 599,000 tonnes. In last month, the steel production has raised by 27% to about 570,000 tonnes as compared to approx. 450,000 tonnes in October 2008. The Tata Steel’s hot metal production has grown up to approx. 649,000 tonnes as compared to 555,000 tonnes developed last year, filing a growth of 17%. It was the best ever hot metal production registered for the company.
The company also stated, “It completed October’09 with a significant increase in its hot metal, crude steel and saleable steel production over the corresponding month of last year.” Besides this, along with hot metal production, the company’s steel melting shops too registered their best ever monthly production.
In the mean while, The BSE sensex was up by 137.43 points or 0.86% to 16,201.33. The shares of 6 steel manufacturers have rose from 0.45% to 3.78% at 2:33 IST on BSE, afterwards main steel makers registered strong sales volumes for the month of October 2009.
Apart from Tata Steel which edged highest from 3.78% to Rs 503.05, other steel manufacturers like JSW steel was up by 0.90% to Rs 781, Steel authority of India was up by 1.77% to Rs 166.55, Jindal steel and power was up by 0.45% to Rs 663.50, Ispat Industries was up by 2.31% to Rs 19.95 and Bhushan steel was up by 1.85% to Rs 1233.
It was declared on Friday that the Tata Steel, which is the world’s 8th biggest steel manufacturer output grown by 3.56% and sales at Indian operations rose by 38% to 462,000 tonnes in October 2009 as compared to last year October 2008. The demand for steel has always been strong in rural, construction, auto and infrastructure arenas. Last year, most of the steel companies had lowered their production due to steep fall in demand as well as global economic condition.
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