Tata Steel after market hours on Tuesday, 9 April 2013 reported a surge in steel production and sales in Q4 March 2013. The company's steel sales jumped 29% to 2.27 million tonnes (mt) in Q4 March 2013 over Q4 March 2012. Production of saleable steel jumped 27% to 2.26 mt in Q4 March 2013 over Q4 March 2012. Hot metal production rose 25% to 2.45 mt in Q4 March 2013 over Q4 March 2012. Crude steel production rose 26% to 2.29 mt in Q4 March 2013 over Q4 March 2012.
The company's steel production rose 13% to 7.48 mt in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Production of saleable steel rose 14% to 7.94 mt in FY 2013 over FY 2012. The year registered its best ever performance in Hot Metal, Crude Steel, Saleable Steel production and total sales, Tata Steel said.
Flat product sales jumped 20.2% to a record 4.49 mt in FY 2013 over FY 2012 (year ended 31 March 2012). The Flat Products division achieved its highest ever annual high end product sales of 190 kt to Auto customers and best ever annual Steel Roofing sales volume of 261 kt in FY 2013. The Long Products division achieved its highest ever annual sales of 2.99 mt in FY 2013. The Long Products division achieved its highest ever annual retail sales of 1.16 in FY 2013.
Dr. Reddy's Laboratories (DRL) after market hours on Tuesday, 9 April 2013, announced plans to relocate its North America Headquarters and establish a R&D Center in Princeton, New Jersey. The company has entered into two lease agreements for a 75,500 square foot office facility and a 31,000 square foot office/lab at 107 College Road East and 303 College Road East respectively with National Business Parks.
Dr. Reddy's anticipates relocation to the office facility at 107 College Road East by the end of the summer of 2013 after the renovations to the facility are completed. The new North America Headquarters will house the Generics, Biologics, PSAI and Proprietary Product businesses as well as the corporate support functions within North America. It is projected to employ more than 300 people as the US businesses within Dr. Reddy's continue to expand in the coming years, DRL said in a statement.
The lab facility located at 303 College Road East will undergo a redesign to accommodate Dr. Reddy's product development and analytical laboratory requirements. Approximately 20,000 square feet of space will be part of the initial phase of redesign. The lab facility is also expected to be completed by late summer to early fall of 2013 and will employ 35 scientists, chemists and support personal.
Commenting on the move, G V Prasad, Chairman and CEO, Dr. Reddy's said, "The relocation will allow Dr. Reddy's to tap into local talent which will be instrumental in our long term growth. This R&D center, along with centers in Cambridge (UK) and Leiden (Netherlands) establishes our presence within some of the leading innovation centers of the world."
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