Tata Steel posts loss for second straight quarter

India's Tata Steel, one of the world's largest steelmakers, on Wednesday posted a second straight quarterly loss and missed estimates, as demand and prices continued to decline in its key European market.
The firm, which bought Anglo-Dutch company Corus for $13.7 billion in 2007, reported a net loss of 7.63 billion rupees ($140 million) for the three months to December, up from a loss of 6.03 billion rupees a year earlier.
The earnings were worse than analysts' forecasts of a 740-million rupee loss.
The company, part of the sprawling tea-to-vehicles Tata Group conglomerate, announced a three percent drop in sales to $5.8 billion.