Mr TV Narendran said: “Global operating environment remained complex, with key regions facing subdued growth. Macro-economic conditions in China continued to weigh on commodity prices including steel.

Of the UK business, Mr Narendran said: "Quarter 2 marked the closure of our blast furnaces in UK. We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel. We remain fully committed to supporting affected employees and have offered the best ever package of support in Tata Steel UK."

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer added: With respect to the UK transition, we have signed a contract with Tenova to deliver a state-of the-art Electric Arc Furnace. We have completed public consultation on the planning application and anticipate commencing large scale site work around July 2025. 

"Our performance in UK and Netherlands was adversely impacted by the compression in steel spreads. Further, UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned and steel stock was built up to operate downstream. 

"During our transition to green steel, we will operate our downstream operations by sourcing substrate. This will help us sustain our significant market presence across steel end use segments in UK."

UK operating results

During the quarter, revenues were £600 million and EBITDA loss stood at £147 million. Liquid steel production was 0.39 million tons while deliveries were 0.63 million tons. On half year basis, Revenues were £1,246 million and EBITDA loss was £238 million. 

Read their full statements here:

Mr. T V Narendran, Chief Executive Officer & Managing Director: 
“Global operating environment remained complex, with key regions facing subdued growth. Macro-economic conditions in China continued to weigh on commodity prices including steel. In India, steel demand continued to improve but domestic prices were under pressure due to cheap imports. Despite this, Tata Steel has delivered broadly consistent performance, with India deliveries at 5.1 million tons for the quarter and 10.1 million tons for the half year. Domestic deliveries rose by 6% for the quarter and 5% for the half year on YoY basis. Among business verticals, automotive deliveries were aided by growth in hi-end products. 

"Tata Tiscon achieved ‘best ever 2Q’ deliveries and was up 20% YoY. In September 2024, we successfully commissioned the 5 MTPA blast furnace at Kalinganagar. This coupled with the 2.2 MTPA CRM complex will further improve our product mix. 

"2Q also marked the closure of our blast furnaces in UK. We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel. We remain fully committed to supporting affected employees and have offered the best ever package of support in Tata Steel UK.  

"In Netherlands, our deliveries stood at 1.5 million tons and subdued steel prices weighed on performance. We are undertaking pilot projects to avoid or convert captured carbon emissions. 

"I am happy to share that we have achieved 20% diversity for the first time in India and have also been recognised by worldsteel for process safety management.”

Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:
“Tata Steel Consolidated revenues for the half year were Rs 1,08,676 crores and EBITDA was Rs 13,046 crores. Consolidated EBITDA margin witnessed an improvement of around 300 bps to 12%, aided by higher volumes in India and improved profitability at Netherlands. This was despite challenging operating environment across geographies. Consolidated revenues for the quarter stood at Rs 53,905 crores and EBITDA was Rs 6,224 crores, which translates to a margin of 12%. India revenues were around Rs 32,660 crores and margin of 21% works out to an EBITDA of Rs 6,912 crores. 

"Our second blast furnace at Kalinganagar is ramping up well and associated facilities such as Continuous Annealing Line and Air Separation Unit will be commissioned in the later part of the year. Separately, we have placed equipment orders for our 0.85 MTPA Electric Arc Furnace plant in Ludhiana. 

"Our performance in UK and Netherlands was adversely impacted by the compression in steel spreads. Further, UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned and steel stock was built up to operate downstream. 

"We spent around Rs 8,583 crores on capital expenditure during the half year, mostly in India. Our net debt stands at Rs 88,817 crores and the group liquidity position remains strong at Rs 26,028 crores, with cash and cash equivalents of Rs 10,575 crores. We are focused on cost optimisation, operational improvements and working capital management to maximise cashflows. With respect to the UK transition, we have signed a contract with Tenova to deliver a state-of the-art Electric Arc Furnace. We have completed public consultation on the planning application and anticipate commencing large scale site work around July 2025. During our transition to green steel, we will operate our downstream operations by sourcing substrate. This will help us sustain our significant market presence across steel end use segments in UK. In Netherlands, we are engaged with the government on support for the decarbonisation of our operations.”