High energy prices in Europe have hit mid-sized and smaller companies and, as a result, steel consumption, according to TV Narendran, MD, Tata Steel. Inflation persists, with central banks increasing rates. However, while the first quarter saw Tata Steel's consolidated net profit fall by 92% YoY to INR634 crore, Narendran believes that Q2 will be better, with China seeming to recover on the back of auto sales and construction growth.
