Tata Steel posts Rs 1,665-crore net profit, engages with SSAB for sale of Netherlands business

Tata Steel on Friday said its consolidated net profit declined about 50 per cent to Rs 1,665.07 crore in the September 2020 quarter.

The company had clocked a net profit of Rs 3,302.31 crore in the corresponding quarter of the previous financial year, Tata Steel said in a BSE filing.

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Its total income during July-September 2020 stood at Rs 37,376.13 crore, compared with Rs 34,762.73 crore in the year-ago period.

The firm’s total expenses were at Rs 35,244.58 crore, against Rs 34,758.15 crore a year ago.

In a separate statement, Tata Steel has informed about the company’s plans with respect to its operations in Europe.

The company has initiated discussions with Sweden-based SSAB on potential sale of Tata Steel Netherland business, including Ijmuiden steelworks.

Tata Steel said it has also initiated the process to separate Tata Steel

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