No plans of production cut, need to be ready for future demand: Tata
Noida, Nov 13 (UNI) Inspite of major steel companies cutting production due to the weakening demand for the commodity globally on account of financial recession, world's sixth largest steel manufacturer Tata Steel today categorically denied to follow the footprints of its competitors, saying the firm will keep itself ready for the future demand.
''We have no plans to cut production.The global meltdown will be over in 6-12 months...it is a very difficult period, but we should be ready for the future demand,'' Tata Sons Director J J Irani told reporters here.
Talking about the global recession, he said, ''We have very tough 2009 ahead and things may get worse before getting better.
And,
we
have
to
keep
an
eye
over
the
G20
summit
as
it
may
bring
in
some
relief.'' On
the
steel
companies
going
for
production
cut
in
this
tough
period,
he
said,
''Some
players
have
already
taken
pre-emptive
measures
and
slowed
production...it
is
important
to
manage
inventories.
Those
players
who
have
own
raw
materials
are
well
protected.''
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