Tata Steel hits 52-week low on earnings warning
Tata Steel said the production from European plants fell 12.7% to 2.33 million tonnes in Q3.
By ETMarkets.com |
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NEW DELHI: Shares of Tata Steel plumbed 52-week low of Rs 475.50 on the BSE in Wednesday's session after the steelmaker said on Tuesday the lower production in Europe will impact its financial results for the third quarter.
In a BSE filing, the company said the production from its European plants fell 12.7 per cent to 2.33 million tonnes in October-December period.
Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company's performance in the quarter, Tata Steel said.
The company is currently awaiting approval from the European Commission (EC) to combine its steel unit in Europe with Thyssenkrupp, a deal that was announced last year, Reuters reported.
Shares of the company traded 2.92 per cent down at Rs 477 around 2:10 pm on BSE.
In a BSE filing, the company said the production from its European plants fell 12.7 per cent to 2.33 million tonnes in October-December period.
Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company's performance in the quarter, Tata Steel said.
The company is currently awaiting approval from the European Commission (EC) to combine its steel unit in Europe with Thyssenkrupp, a deal that was announced last year, Reuters reported.
Shares of the company traded 2.92 per cent down at Rs 477 around 2:10 pm on BSE.
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