MUMBAI — Tata Steel on Monday posted a third straight quarterly loss on account of a global supply glut that put pressure on prices and discontinued operations at its long product business in the UK.The Mumbai-based company’s net loss widened to 31.8-billion rupees ($475m) in the three months through June from a restated 3.17-billion rupees loss a year ago. This includes net loss from discontinued operations of 33.6-billion rupees in the latest quarter, according to a company statement. Sales for the quarter slipped to 264.1-billion rupees, missing analysts’ estimates.China, maker of half the world’s steel, has flooded markets from Europe to India with cheaper supplies, forcing competitors to lower prices and eroding their profits. While India’s government has imposed import curbs, Steel Authority of India, the nation’s biggest mill, still reported a fifth consecutive quarterly loss last week, even as it increases capacity to meet government infrastructure spending plans.Tata Steel ...
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