Tata Steel posted its worst profit in seven quarters as rising imports from China pushed down prices and an iron ore mine shutdown raised costs.

Net income, including that of Tata Steel Europe, fell 69 per cent to Rs 157 crore in the three months ended December 31 from Rs 503 crore a year earlier, the company said.

The profit beat the Rs 114-crore median of 20 analyst estimates compiled by Bloomberg. Sales declined 8.5 per cent to Rs 33,320 crore.

Tata Steel was adversely impacted as China stepped up exports to a record of more than 28 million tonnes last quarter as demand at home weakened. Steel prices at the company’s key markets in India and Europe fell, while its iron ore costs in India surged as it imported more raw material to fill a gap created by the closing of one if its biggest mines.

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