Tata Steel posts loss for fourth quarter

New Delhi, May 23 (IANS) Largest steel manufacturer of the country (valuewise) Tata Steel posted net loss for fourth quarter ending March 31, 2013, a company statement said Thursday.

The company’s fourth quarter net loss was Rs.6,529 crore, compared with Rs.4,330 crore profit a year earlier.

The company attributed the reason behind this loss to the weak demands in the Eurozone.

The company said: “The Eurozone crisis has pushed regional economies in Europe and UK into a recession and the current steel demand is almost 30 percent lower than the pre-2008 financial crisis level.

“These severely depressed conditions are expected to continue over the short-to-medium term and have led to a downward revision of cashflow expectations and the valuation of the Groups’ European operations,” it said.

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.