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Tata Steel’s TV Narendran says seeing strong steel demand from rural & urban regions

Updated : November 18, 2020 05:35 PM IST

Domestic steel major Tata Steel on Wednesday said it's seeing strong steel demand from rural and urban regions.

In an interview to CNBC-TV18, TV Narendran, managing director and chief executive officer, said, "Recently, we have seen a revival in the automotive sector and in the construction sector."

On the steel prices, Narendran said the prices will be higher by Rs 5,000 per tonne quarter-on-quarter (QoQ). He further added that the November price hikes were included in the estimates.

Talking about European business, he said, "In terms of Europe, we expect to be in the green. I think we are already in the green. I think we were in the green in September which is not visible in the Q2 numbers, but we expect Q3 to be in the green as far EBITDA is concerned."

On the UK business, he said the company needs support from the UK government to sustain operations.
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