“The past year and probably the next 12-18 months are likely to be difficult and challenging for Tata Steel,” he wrote in a letter dated May 31 to the firm’s shareholders. Tata said the effects of the global economic downturn seriously impacted the company’s global operations in the second half of the last fiscal.
“The demand for steel declined by 26 per cent in the UK and Europe in the third quarter compared to a year earlier, and after a further contraction in the fourth quarter, demand had fallen by 57 per cent in the UK and 44 per cent in Europe compared with a year ago.”
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