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Dec
4
Tata Steel sees global imbalance in demand
December 4, 2009 | Leave a Comment
Jamshedpur: Tata Steel plants are running at their peak capacity but the company chief told FE on Thursday that the prices for the products are on the “lower side, because of global overcapacity”. HM Nerurkar, managing director (India & South East Asia) of Tata Steel, was, however, optimistic that the positive news for the industry was the restoration of “almost normal” demand conditions in the global steel market.
Nerurkar’s comments come just a week after the consolidated Tata Steel group, which includes Corus, said it anticipated a trend reversal of its losses in the second half of 2009-10. The company reported a net loss of Rs 2,719 crore for the second quarter against a net profit of Rs 4,717 crore for the same quarter a year before.
According to Nerurkar, “the GDP growth rate is good, the demand (for steel) is good in the country, and so the company’s plants were running to their highest capacity”.
While overall consumption of steel in the world in 2010 is expected to claw back to the same level as seen in 2007, China, India, Brazil and Southeast Asia will consume more steel next year. But his assessment was that consumption in North America, Japan and Europe will stagnate, resulting in sustained weak global steel prices going into the next year.