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Tata Steel posts Rs 56.74 billion consolidated loss in Q4

Consolidated net sales for the quarter fell about 21 per cent from a year earlier to Rs 333.4 billion, hit by weak steel prices and international demand.

twitter-logo Reuters   Mumbai     Last Updated: May 20, 2015  | 18:54 IST
Tata Steel posts Rs 56.74 bn consolidated loss in Q4
Consolidated net sales for the quarter fell about 21 per cent from a year earlier to Rs 333.4 billion.(Reuters)

Tata Steel Ltd (TISC.NS) reported on Wednesday a consolidated quarterly loss of Rs 56.74 billion ($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 333.4 billion, 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.

($1 = 63.8406 rupees)

(Reporting by Zeba Siddiqui and Aman Shah; Editing by Anand Basu)

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