The Traderszone Network

Published in TZ Latest News 11 August, 2015 by The TZ Newswire Staff

Tata Steel says import pressures may increase after yuan devaluation

Tata Steel Ltd said on Tuesday import pressures on the Indian and European steel industries could intensify following the devaluation of the yuan, as a flood of cheap imports from China continues to impact profitability. Tata Steel, which said net profit in the June quarter more than doubled on the back of a one-time gain, has been hit by a combination of a slowdown in China and a devaluation of the Russian rouble over the past few quarters.