TATA Steel, which owns the Llanwern Steel plant in Newport, saw its profits rise in June.

In Europe, the firm’s turnover was £2 billion, up 12.5 per cent from the last quarter. Around the world, the company made a £3.54 billion turnover and £32.7 million profit after tax.

The company said in a statement that the results were delivered with European steelmakers competing against rising imports. The figures were released to the Indian stock exchanges yesterday (Wed).

And ten products have been launched this year, including a new automotive steel grade for vehicles’ crash protection structure. It started processing centre in the Netherlands and Germany in the last few months.

Tata Steel in Europe’s managing director and CEO Karl-Ulrich Köhler said: “European steel demand is moving in the right direction. Though demand remains well below levels we would regard as healthy, we can see greater stability emerging in the markets we serve.

“Our quarterly financial performance improved slightly, despite market spreads tightening compared to the previous year. This would not have happened without the work we are doing to reduce costs and improve our products and services.

“Our focus on operational reliability and costs will continue as we pursue further progress towards sustainable financial performance.”