SME Times News Bureau | 24 May, 2013
Largest steel manufacturer of the country (valuewise) Tata Steel posted net loss for fourth quarter ending March 31, 2013, a company statement said Thursday.
The company's fourth quarter net loss was Rs.6,529 crore, compared with Rs.4,330 crore profit a year earlier.
The company attributed the reason behind this loss to the weak demands in the Eurozone.
The company said: "The Eurozone crisis has pushed regional economies in Europe and UK into a recession and the current steel demand is almost 30 percent lower than the pre-2008 financial crisis level.
"These severely depressed conditions are expected to continue over the short-to-medium term and have led to a downward revision of cashflow expectations and the valuation of the Groups’ European operations,” it said.
