One of the world's largest steelmakers has announced a net loss for the fourth quarter of 2013.
Tata Steel stated that the loss of 65.29 billion rupees (£780 million) in the period – which came after a profit of 4.33 billion rupees a year earlier – is due to weakness in Europe.
Karl-Ulrich Koehler, chief executive of Tata Steel Europe, noted there was economic deterioration across Europe last year and this has had a major impact on the business.
There was also a warning from Tata Steel that it expects demand for steel to remain low across Europe in the coming years as the continent continues its slow recovery from the recession.
Revenue rose one per cent to 341.8 billion rupees in the January-March period from a year earlier, it was pointed out by the company in its financial statement.
Despite the net loss revealed by the firm in the data, its share price has been rising in today's trading (May 24th) on the National Stock Exchange in India.
Its stocks were selling for 311.65 at 08:35 BST, a rise of four per cent on the start of the day.
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