Tata Steel expects its European operations to improve from the next quarter on the back of falling energy costs, its chief executive and managing director said on Thursday.
"Europe is still struggling but things are getting better because energy prices have come down," T.V. Narendran told Reuters in an interview.
"So costs are coming down, not yet realised in our bottomline because we have some hedges on gas prices, which will play out over the next quarter or two."
Falling demand in Europe and weaker steel prices hurt the company's revenue in the March quarter.
European operations, which account for roughly 35% of total revenue, fell about 17% to 220.36 billion rupees ($2.70 billion) during January-March.
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