Like most other steel companies, Tata Steel's operating performance has been weaker than our expectation. The company's consolidated EBITDA margin contracted to about 10.5% for the nine months ended Dec. 31, 2011, from about 14% in the same period in 2010. The decline in global steel capacity utilization, weak European operating environment, and high raw material prices caused the contraction. We believe Tata Steel's performance in the quarter ended March 31, 2012, will be better than in ...
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