Amidst this Tata Steel has delivered a strong improvement in 1Q performance on a QoQ basis as well as on a YoY basis.
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This has helped us deliver an EBITDA margin of around 24%, which is close to the 10-year average.
NEGATIVES
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UK steel safeguard quotas by product have been liberalised every year and are now a larger proportion than even in 2018, when it was started, even as the UK demand has contracted.
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This meant that quotas for selected products are higher than the demand.
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