Tata Steel reports loss in its fourth quarter

New Delhi, May 24 – Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region.

 

The company's January-March net loss was 65.29 billion rupees ($1.2 billion), compared with a 43.3 billion rupee profit a year earlier. Net sales rose about 1 percent to 341.8 billion rupees.

 

Analysts had expected profit of 3.64 billion rupees on sales of 350.16 billion rupees. Reuters