Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Corus Takes Decisive Action to Mitigate Effects of Near-Term Steel Demand

Oct 20 2008

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Tata Steel Group unit Corus is to take decisive action to mitigate the effects of the softening near-term steel demand outlook.

Corus has decided to reduce its crude steel production over the next three months by up to 20%, ie by around 1 million metric tonnes. The decision is aimed at aligning steel production with demand, which is now affected by the consequences of the global financial crisis.

“We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months,” said Philippe Varin, Corus CEO.

No change in production from current levels is planned for the operations of Tata Steel Group outside Europe.

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