Tata Steel output down 34% as Covid-19 takes a toll

Tata Steel reported on Thursday that its production was down 34 per cent in the June quarter to 2.99 million tonnes (mt), against 4.50 mt logged in the same period last year, due to weak demand amid the Covid-19 pandemic.

Sales volume was down 26 per cent at 2.92 mt (3.96 mt) as most leading corporates cut down on their infrastructure spending.

Overall production and sales volumes were lower due to mobility restrictions, as the pandemic hit industrial activity and consumer sentiment across all geographies, said Tata Steel in a statement.