Jamshedpur: Private steel major Tata Steel achieved highest ever annual crude steel production of 19.9 Millon tons in the financial year 2023 against 19.06 million tons last fiscal, registering a growth of 4 per cent YoY by debottlenecking across sites and ramp up of Neelachal Ispat Nigam Limited.
As per the provisional result of 4QFY23 and FY23 production and delivery volume, the crude steel production was recorded at around 5.15 million tons, which was up by 3 per cent QoQ, in the fourth quarter of FY2023.
Despite volatile operating environment during the financial year, Tata Steel India deliveries increased by 3 per cent YoY and surpassed the previous best recorded in FY22.
Domestic deliveries grew by approximately 10 per cent YoY leveraging our robust marketing network and agile business model.
In Q4FY23, the company registered 9 per cent growth QoQ to 5.15 million tons, which was highest ever QoQ deliveries.
Among record domestic deliveries recorded across segments in FY23 included Automotive andSpecial products segment deliveries increased by 5 % YoY in FY23 to be at equivalent to 2.7 million tons, surpassing the previous best registered in FY22.
In 4QFY23, deliveries were up by 8 per cent QoQ despite the 4% drop in auto OEM production.
Neelachal Ispat Nigam Limited began operation within 3 months of completion of acquisition and has steadily ramped up during the last two quarters. Presently, the run rate of crude steel plus pig iron is approx one million ton on annualized basis.Tata Tiscon rebars are being made from NINL billets.
During FY23, Tata Steel Europe steel deliveries were around 8.1 million tons. In 4QFY23, deliveries were higher by 7% QoQ to 2.13 million tons on improving demand environment. However, product mix has been affected due to the ongoing upgradation at CM21 (Cold Rolling Mill). As planned, the overall process of relining of BF6 at Tata Steel Netherland has commenced in early April.
Commenting on the performance of the company, Tata Steel CEO and Managing Director T V Narendran said “Tata Steel India reported a record-breaking operational performance in FY23 despite a challenging environment.
Our achievement of highest-ever annual production and deliveries, surpassing the previous records set in FY22, is a testament to our resilience and agility, he said adding our strong marketing network and agile business model enabled us to grow across segments.
We are pleased to see the steady ramp-up of Neelachal Ispat Nigam Limited (NINL) during the last two quarters. We will continue to leverage our strengths to sustain this momentum and drive growth,” Narendran added.
