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Tata Steel climbs after early losses
Tata Steel’s warning on profit growth saw its shares drop nearly 2 percent in early trade on Thursday, but the counter pared losses lateto close 1.7 percent up.
The company late on Wednesday said that rising raw material costs and the euro zone’s debt crisis could crimp Tata Steel profit growth.
The company late on Wednesday that rising raw material costs and the euro zone’s debt crisis could crimp profit growth.
The world’s eighth-largest steel maker reported a full-year net loss after minority interest and share of profit of associates of 20.1 billion rupees.
The global steel industry took a beating in the 2008/09 downturn, when demand from key construction and auto consumers slumped and some producers cut output by as much as half.
The metal index has dropped over 16 percent so far this year, while Tata Steel shares have fallen over 20 percent over the same period.
Do you think rising raw material cost and shrinking global demand will weigh on the