Tata Steel's India sales dip 14 pct y/y in Dec qtr

MUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, on Tuesday reported steel sales of 1.07 million tonnes in the December quarter from its Indian operations, down 14 percent from a year ago.

Sales in the fiscal third quarter were weighed down by the economic slowdown, Tata Steel said in a statement. However, sales of long products rose an annual 27 percent in the period.

Crude steel production during the quarter rose 17 percent to 1.50 million tonnes. Saleable steel production was stagnant at 1.24 million tonnes, despite a planned shutdown at its hot-strip mill, the company said.

Ahead of the announcement, shares in the company rose 0.7 percent to 246.75 rupees, in a Mumbai market that gained 0.6 percent.