SME Times News Bureau | 10 Feb, 2012

India's biggest steel maker Tata Steel Thursday reported a consolidated net loss of Rs 6.03 billion for the quarter ended December 2011, against a net profit of Rs.10 billion in the same period a year ago.

The loss was mainly due to soaring raw material costs and cut in demand in Europe following the debt crisis.

However, the Mumbai-based company, the world's number seven steel maker, registered a 15.23 percent jump in its consolidated net sales at Rs.329.64 billion during the third quarter of the current fiscal, from Rs.286.06 billion during the same period last fiscal, according to a release in Kolkata.

The firm's managing director H.M. Nerurkar said: "Our Indian operations delivered steady performance during the last quarter, with flat product volumes increasing 3 percent year-on-year. Long product volumes dropped marginally due to planned shutdowns."