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Tata Steel, the Indian steelmaker and world's 8th largest iron ore producer, posted an unexpected first-quarter loss "as the slowdown in Europe and the US continued to weigh on the business" and gave a cautious outlook saying it expected global recovery in the sector to be slow.
Iron ore production fell 20% in the first 7 months of the year.
Tata Steel trades as TATASTEEL on the NYE:
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