Group Performance Highlights:

• Tata Steel Group recorded profit after tax of Rs8,983 crores (US$2,015 million) in FY’11, an improvement of Rs10,992 crores (US$2,466million) over the loss of Rs2,009crores (US$451million) in FY’10.
• Tata Steel Group recorded Ebitda of Rs17,103 crores (US$3,836 million) for the full year, 83% higher than the Ebitda of Rs9,340crores (US$2,095 million) in FY’10.
• The Indian operations’ profit after tax of Rs6,866 crores (US$1,540 million) and Ebitda of Rs12,225 crores (US$2,742 million) were the highest ever on the back of higher volumes, improved product-mix and higher realisations.
• The European operations recorded robust improvement, posting an Ebitda of Rs4,204crores (US$943 million), an increase of Rs5,555crores (US$1,246 million) over FY’10. Higher sales and realisations along with cost-cutting measures, initiated in the aftermath of the financial crisis, lay behind this performance. However, the Long Products business continues to face significant challenges and the Company accordingly announced restructuring initiatives earlier this month.
• The sale of Teesside Cast Products (a slab manufacturing facility mothballed in February 2010) was completed in March 2011 in a deal valuing the business at Rs2,091crores (US$469 million).
• Net debt at the end of March 2011 at 46,632 crores (US$10.46 billion) fell from Rs52,836 crores (US$11.85 billion) at the end of the previous quarter.
• The 2.9 million tpa brownfield expansion in Jamshedpur is progressing on schedule. The Company has also begun site work on its greenfield project in Odisha.
• The Board of Directors of the Company has recommended a dividend of Rs12 per equity share for the financial year ended March 2011