Tata Steel misses profit forecast

Tata Steel yesterday missed quarterly profit expectations, hit by weakening demand and prices in its main European market, offsetting a solid performance at home. The steelmaker, whose European operations account for two thirds of its capacity, said consolidated net profit for the quarter to the end of June fell to 5.98bn rupees from 53.5bn in the 2011 period, which included one-time gains of about 40bn. Excluding the gains, profit declined about 55 per cent.