Tata Steel (TSL) consolidated EBITDA surprised on the back of strong Tata Steel Europe (TSE) EBITDA. TSE EBITDA expanded to US$365/te (up US$120/te QoQ) with support from contract realisations, favourable RM movement and lower energy costs. Net debt increased by Rs35bn QoQ to Rs545bn due to higher working capital (a common trend across the industry).