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Tata Steel posts Rs. 5,674 crore consolidated loss in Q4

Tata Steel Ltd reported on Wednesday a consolidated quarterly loss of Rs. 5,674 crore ($888.8 million) for its fiscal fourth quarter to March 31.

Consolidated net sales for the quarter fell about 21 per cent from a year earlier to Rs. 33,340 crore, hit by weak steel prices and international demand.

The results follow the company’s announcement last week of about $785 million non-cash charge in the fourth quarter, mainly related to its loss-making long products unit in the United Kingdom.

Tata Steel, Europe’s second-largest steelmaker, has been in talks with Geneva-based Klesch Group for the sale of its European long-products unit and said last week said it would take the impairment charge.

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