Tata Steel Swings to Profit on India Growth, Lower Costs
- Profit missed analysts’ estimate as Europe revenues drop 13%
- Company said last week it would shut blast furnaces in UK
A Tata Steel plant in the Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Tata Steel Ltd. returned to profit as a strong performance at its Indian operations and lower costs offset weakness at its European business.
Group profit at the steel producer was 5.13 billion rupees ($61.7 million) for the three months ending Dec. 31, compared with a loss of 22.2 billion rupees a year earlier, the company said in a statement Wednesday. Analysts had expected a profit of 17.91 billion rupees.