Tata Steel posts loss of Rs 687 cr in Q3

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Tata Steel posts loss of Rs 687 cr in Q3

Tata Steel posted a loss of Rs 687 crore in October-December quarter of FY12 due to higher raw material costs and weak prices in Europe

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By Nigel D'Souza, Research Analyst at CNBC-TV18

Tata Steel posted a loss of Rs 687 crore in October-December quarter of FY12 due to higher raw material costs and weak prices in Europe. It had reported a net profit of Rs 949 crore in a year ago quarter.

Global crude steel production hit a record high of 1.53 billion tonnes in 2011, but the pace of growth was sharply lower than the previous year as the sovereign debt crisis in Europe and slowing economic growth in top consumer China dented demand.

(With inputs from Reuters)