Tata Steel reported consolidated EBITDA of INR47.2bn in-line with JMfe. While Indian operations reported an EBITDA in line with estimates, European operations delivered an EBITDA of USD45/ton vs. JMFe of USD73/ton, driven by higher RM costs and lower spreads. Tata's Indian operations have now fully ramped up, with its 3mt green-field steel plant at Kalinganagar operating at close to full utilisation levels. A barrage of duties put in place by the Government has ensured a floor price for imports, limiting any downside to Indian operations profitability. We expect continued focus on the EU turnaround plans for much of the current fiscal year. We factor in Indian operations EBITDA/ton of INR11.3/11.5k for...