Saturday, 12 Nov 2011
Reuters reported that TATA Steel, the world's seventh largest steelmaker, saw an increase of USD 50 per tonne on average in prices of key raw materials iron ore and coal in the September quarter.
Mr Koushik Chatterjee CFO of TATA Steel on the sidelines of an earnings press conference said that steel prices fell by USD 30 a tonne on average in Europe during the period.
Earlier, the firm reported 89% fall in second-quarter consolidated net profit, lagging estimates.
Mr Chatterjee added that "The impact in Europe has all been because of higher raw material prices.”
(Sourced from Reuters)
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