Despite a reduction in the market spread compared with the year earlier quarter, profitability improved. Production and deliveries were similar to the year before level.

European steelmakers have been contending this year with rising imports, which are limiting their ability to take advantage of growing European demand.

The European operations pursued their objective of supporting customer success in their own markets through product and service improvement. Ten new products have been launched so far this year, such as a new automotive steel grade which combines strength and formability, making it ideal for the crash-protection structure of vehicles. These efforts have resulted in the proportion of differentiated products in the operations’ sales rising by around a fifth compared to last year.

The Company started processing centres in the Netherlands and Germany during the quarter to support customers by supplying them with lighter, stronger steels. Both facilities will be supporting customers in Germany a strategic market for TATA Steel.

The focus on costs was also maintained, leading to YoY savings of GBP 30 million in Q1 FY’15.

Liquid steel production in Q1 FY’15 was virtually unchanged at 3.7 million tonnes from the level in Q1 FY’14. Deliveries increased by 2% to 3.2 million in Q1 FY’15 from 3.14 million tonnes in Q1 FY’14.

Turnover in Q1 FY’15 was INR .20,741 crores compared to INR .18,432 crores in Q1 FY’14.

EBITDA increased by 28% to INR .995 crores from INR .777 crores in Q1 FY’14 while the EBITDA margin improved by 58 basis points.

Q1 FY’15 EBIT improved to INR .136 crores versus INR .12 crores in Q1 FY’14.