Tata Steel Ltd.

Tata Steel clarified that it has put no European assets up for sale, following a $1.6 billion write-down for the region in the previous financial year due to sluggish demand. The company is reported to explore sale of some of the assets, given that it expects severely depressed conditions in Europe to continue over the short to medium term.

Two-thirds of Tata Steel's 27 million tonne annual capacity is in Europe, where demand has shrunk by almost a third since 2007. The company now reportedly is expected to now focus more on its high-margin India operations, where its costs are far lower.

The company plunged into a consolidated net loss of Rs 7057.62 crore in the fourth quarter ended March 31, 2013 hit by weak demand and depressed steel prices in Europe, against net profit of Rs 5389.77 crore in the same period last year. The company's consolidated net sales barely grew by 0.94% at Rs 34,180 crore in the fourth quarter ended March 31, 2013, compared to net sales of Rs 33,860 crore in the same period last year.