Tata Steel Posts Second Quarterly Lossby
Steelmaker looking to sell U.K. unit to reduce liabilities
Mills struggle with cheap supplies mainly from China
Tata Steel Ltd. posted a loss for the second straight quarter.
The net loss was 32.1 billion rupees ($477 million) in the three months to March 31, the Mumbai-based company said Wednesday. That compares with the 10.2 billion rupees loss estimated by 15 analysts compiled by Bloomberg.
Tata Steel said in March that after years of losses it planned to sell its U.K. business, putting 15,000 jobs at risk and raising the alarm for British politicians. European mills are struggling to contend with a flood of cheap steel exports from China, which accounts for about half of global output, boosting competition and eroding profits worldwide.