Jamshedpur, Oct 16: Admitting that steel prices are bound for a downward slide in the wake of ongoing global economic depression, the world's sixth largest steel producer Tata Steel has claimed that it would not take recourse to retrenchment of employees to deal with the slowdown.
Talking to newspersons here on Wednesday, Oct 15, Tata Steel vice-president (corporate services) Partho Sengupta said his company was also feeling the heat of economic depression but it would not go for any retrenchment to deal with the problem like several other companies world over. ''This is not the first time the company is facing depression. We have countered it several times in the past and come out of it with flying colours. This time also we will conquer it successfully,'' Mr Sengupta said.
''Due to the economic depression steel prices would go down but we won't go for retrenchment of staff. We will prepare our strategy according to the circumstances,'' he added.