Tata Steel reports Q4 loss on weakness in Europe
May 24 , 2013
India’s Tata Steel posted a net loss on Thursday for the fourth quarter due to weaker economic conditions in Europe.
The firm, one of the world's biggest steelmakers, made a loss of $1.2 billion compared to a profit of $77.7 million the previous year.
The release of the figures comes a week after Tata Steel announced a $1.6 billion writedown on the value of its European assets.
Earlier this year, Tata Steel's European operations reported a $76.5 million loss.
Tata Steel is part of the diversified Tata Group, with interests ranging from tea and hospitality to cars, including Jaguar Land Rover.