Published on 9/01/2019 8:16:53 AM | Source: HT Media

Tata Steel says weak Europe output to dent third quarter earnings

Posted in Stock Market| #Metals Sector #Tata Steel Ltd #Stock Market

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India’s Tata Steel Ltd, one of the flagship companies of the salt-to-software behemoth, said on Tuesday lower production in Europe will impact its financial results, ahead of a planned merger with Germany’s Thyssenkrupp.

Production from its European plants fell 12.7% to 2.33 million tonnes for the third quarter ended December 31, the company said in a press release.

Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company’s performance in the quarter, Tata Steel said.

The company is currently awaiting approval from the European Commission (EC) to combine its steel unit in Europe with Thyssenkrupp, a deal that was announced last year.

Thyssenkrupp on Tuesday said it had submitted documents that the EC requested in December to resume its in-depth investigation of the transaction, which would create Europe’s second-largest steelmaker after ArcelorMittal.