Tata Steel’s European arm has reported a record loss of £1.2 billion for the year.
Tata Steel Europe, Britain’s largest steel producer, reported the losses for the year until March 31 as part of its latest results filed at Companies House in the UK.
They mark a massive rise from £846 million the previous year.
According to the company’s filing, revenues fell 14 per cent to £8.7 billion due to a “deterioration to market conditions in the second half.”
The company has been battered by falling steel prices, a slump in demand and competition from cheap imports.
According to The Sunday Times , Tata Steel Europe has net borrowings of £3.4 billion dating back to the £6.7-billion deal and the company spent £352 million in interest charges last year to service the huge loans.