Tata Steel’s deleveraging accelerates; operating performance strong in Q3 A Tata Steel sign is seen outside their plant in Scunthorpe northern England, October 15, 2014. REUTERS/Phil Noble/Files (REUTERS)Premium Ebitda loss also widened on the back of reversal of wage support and higher carbon provisions Share Via Read Full Story Tata Steel Ltd’s December quarter (Q3) earnings have many positives. Consolidated earnings before interest, tax, depreciation and amortization (Ebitda) was at a record high, aided by favourable demand and pricing environment. Additionally, debt reduction with improved cash flows is helpful. In Q3, consolidated Ebitda grew 2.6 times year-on-year and also improved 1.53 times over Q2. This was despite higher operating losses in European operations and a decline in domestic volumes sequentially. Higher steel realizations and integrated domestic operations accrued benefits as product mix improved. Reduced exports and lower opening inventory at the start of Q3 were key reasons for the sequential sales decline. However, exports earn lower margins and, hence, high domestic sales bode well. A higher proportion of auto sheet sale in the overall mix also helped.