India’s Tata Steel has said last year’s £6.2 billion acquisition of Anglo-Dutch company Corus had boosted profits by 60 per cent.
Tata Steel reported underlying pre-tax profits of £1.2 billion for year to March 31, compared with £764 million the previous year.
The company, which produced more than 25 million tonnes of steel in 2007, has benefited from a surge in demand which has pushed up prices so far this year.
The most common type of steel it produces – hot rolled coil – has risen by 60 per cent to about £645 since the beginning of 2008.
The company employs almost 43,000 people in total, including former Corus staff at Port Talbot in south Wales, Scunthorpe and Teesside and in the Netherlands. Corus also has specialist operations in the West Midlands.
Tata Steel also has production bases across south-east Asia and India, with the second largest global spread of the major steel companies. Tata Steel is part of the Indian cars-to-tea conglomerate Tata, which completed a £1.15 billion deal to take over Jaguar and Land Rover from Ford earlier this month.