Tata Steel Posts Q4 Profit At Rs 14,688 Crore

Asian markets are little changed in morning trade

Tata Steel Ltd, an Indian steel making company has chose to take all 5,000 employees of Bhushan Steel largest manufacturer of auto-grade steel in the country.

For the full financial year of 2017-18, Tata Steel recorded a consolidated profit of Rs 17,763 crore as against a consolidated loss of Rs 4,169 crore in 2016-17. Tata Steel has been allegedly facing ground level resistance in and around the BSL unit at Odisha, his comments are likely to calm down concerns of contractual workers who are reportedly suffering job losses after the proposed acquirement.

Total revenue from operations rose 16.2 percent to 208.17 billion rupees and the steelmaker also said it achieved record crude steel production in the quarter at 4.31 million tonnes, up 5 percent year on year.

The Bhushan Steel lenders have a 12% stake in the company and there are around 5,000 employees, who "will be taken on board, as per the resolution plan given by us", said T V Narendran, chief executive officer and managing director of Tata Steel.

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds. "The 50:50 JV discussion with Thyssunkrupp is progressing well and we are committed towards building a strong European portfolio", he said.

Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by the NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd.

He said "We think the quickest way to resolve that is to close the transaction fast". "However, we continue to be bullish on steel prices and spreads with improving demand situation in India", Narendran said. "We also completed a $2 billion Rights Issue", Chatterjee added.

The expansion work on the Kalinganagar plant has began which is expected to be completed at a total estimated cost of Rs 23,500 crore, the company said.

Tata Steel shares were 0.8 per cent lower ahead of its results on Wednesday.

This is unedited, unformatted feed from the Press Trust of India wire.

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