Tata Steel India Achieves Record Steel Production of 20.8 Million Tons in FY2023-2024Tata Steel India, the main division of global steelmaker Tata Steel, has achieved its highest ever steel production, increasing output by 4% year-on-year to a record 20.8 million tons in the 2023-2024 financial year (ended March 2024).The company's statement highlights that this performance was driven by removing bottlenecks at its Indian operations and achieving higher steel production at Neelachal Ispat Nigam Limited. In Q4 2024, steel production remained generally stable at around 5.38 million tons.Steel shipments for the year also increased by 6% year-on-year to 19.9 million tons, exceeding the previous year's record. Domestic market sales grew by 9% year-on-year due to increased steel demand in India and a flexible business model. In Q4, steel sales increased by 11% quarter-on-quarter and 5% year-on-year to 5.41 million tons, the highest quarterly figure in the company's history.In contrast, steel production by Tata Steel Netherlands decreased by 24.2% year-on-year to 4.8 million tons, mainly due to the negative state of the European steel market and the prolonged downtime of blast furnace No. 6. However, performance improved in Q4 as the unit resumed operations in early February. Steel shipments from the Netherlands totaled 5.3 million tons, down 5.7% year-on-year.Tata Steel UK produced 3.02 million tons of steel in FY2023-2024, in line with the previous fiscal year, while steel shipments decreased by 5.1% year-on-year to 2.8 million tons. Tata Steel Thailand's steel production and shipments also declined by 6.7% and 7.4% year-on-year, respectively.Overall, the Tata Steel Group's total steel production amounted to 29.7 million tons, down 2.4% year-on-year, while steel shipments increased by 1.7% year-on-year to 29.12 million tons.