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.'' UNI SBA SG RAI2007