With consolidated turnover of 22.67 billion U.S. dollars excluding South East Asian operations, the company's branded product & retail segment grew 23 percent over the sequential quarter while Industrial Products and Projects grew by 12 percent during the same period in Asia's third largest economy, the statement said.
During the quarter under review, the company's sales volume in European operations remained flattish at 2.31 million tons while reporting marginally lower volume at 0.59 million tons in its South East Asian operations, said the company, which has an annual crude steel capacity of 33 million tons per annum.
Production in European operations was marginally up by 2 percent at 2.5 million tons during the quarter on sequential basis while it was down by 14 percent at 0.49 million tons in South East Asia.
South East Asia operations registered lower production volume on sequential quarter basis due to continued sluggishness in Singapore and Thailand markets while in Europe, the overall slowdown coupled with seasonal weakness kept steel spreads under pressure as declining steel prices gave away the benefit of softness in raw material prices, the statement said.
Global steel companies have raised prices for February and March shipments, which should aid further price hike in Indian market going forward, said an analyst with a domestic brokerage.
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