Graphic: MintMumbai: Tata Steel Ltd swung to a profit in the June quarter, helped by rising steel prices, a production ramp-up in India and restructuring of its European steel operations. In May, Tata Steel completed the sale of its UK specialty steel unit to Liberty House Group for £100 million. “In the April to June quarter, steel prices didn’t go up as much as we expected and neither did raw material prices drop as much as we had thought. “Internationally, steel prices are going back to levels that can support current raw material prices,” Tata Steel’s management said in a conference call with analysts. Tata Steel shares rose 4.26% to Rs600 on Monday, their highest closing level since July 2011.

Source: Mint August 07, 2017 12:46 UTC