Europe ops will be out of woods only in next FY: Tata Steel's T V Narendran

"Fundamentally, we believe that having fewer sites with larger capacity potential per site is better and more efficient"

European operations pulled Tata Steel into the red in the third quarter (Q3) of 2022-23 (FY23). Chief Executive Officer and Managing Director T V NARENDRAN, in conversation with Ishita Ayan Dutt, says the challenges in Europe may persist for a while. Nonetheless the situation will improve on-quarter. Edited excerpts:
 
The net loss in Q3FY23 came as a surprise.

There were two big reasons particularly linked to Europe numbers.
 
The first and foremost is the pension fund adjustment. That was something that had to be done but couldn’t be guided because we were talking to insurance companies about