Tata Steel The impact of higher domestic prices will be relatively marginal for Tata Steel, which generates most of its revenue from the international market (mainly Europe; Tata Steel Europe), where prices and demand have not seen much improvement. The international operations have seen a positive turnaround in the current year after huge losses last year. This along with the strong pick-up in the domestic business, which accounts for a reasonable chunk of its profits, should lead to an improvement in overall margins and good growth in earnings in the current year and the next. Also, in the near-term, Tata Steel Europe's outlook may not improve dramatically. But over the next two-three quarters, the company should be cash positive, with the margins stabilising. Additionally, following the refinancing of a £3.67-billion bank loan, the liquidity pressure on Tata Steel Europe has also eased.