Tata Steel reported its highest ever output during the financial year 2018-19 on the back of its acquisition of Bhushan Steel in 2018. Going by the production figures reported by the company for the past 12 months, it might come out as the biggest steel producer in India during the past fiscal.
Tata Steel India saw its production for FY19 rise 34.5 per cent on an annual basis to 16.79 million tonnes, as compared to 12.48 million tonnes reported in FY18. Acquisition of Bhushan Steel helped add 4.2 million tonnes to its output, Tata Steel said in a statement on Saturday. Tata Steel India reported an increase of almost 34 per cent its sales figure, which went up to 16.27 million tonnes from 12.15 million tonnes during the previous financial year.
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The production level presented by Tata Steel is marginally higher than the 16.75 million tonnes targeted by JSW Steel for the financial year that ended on March 31. JSW Steel has not released its output figures for the FY19 yet. The state-run Steel Authority of India Limited (SAIL) also reported a record production of 16.3 million tonnes this week. India has seen a spike in steel demand as a result of government's emphasis on building new infrastructure.
Tata Steel, however, saw its Europe and South-east Asia production and sales figures slip in the past fiscal. Tata Steel Europe reported production during FY19 at 10.30 million tonnes, down almost 4 per cent from 10.69 seen during FY18. The European Commission is reviewing Tata's plan to merge its Europe operations with those of Thyssenkrupp AG.L.P. Tata Steel South-east Asia saw production decline to 2.08 million tonnes during 2018-19, as opposed to 2.23 million tonnes in 2017-18.
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