Steel price to remain stable

Kolkata, Sept 7 (UNI) Tata Steel Managing Director B Muthuraman today predicted that the steel price would remain stable in the coming years, though there would be a bit of fluctuation at times.

Talking to reporters at the sidelines of 34th National Management Convention here, he said steel price hinged on a number of reasons, including cost of inputs, and at times there might be some fluctuations in prices but overall it would remain stable for the next two to three years.

Mr Muthuraman said his company would not be affected with report of capacity addition of Chinese steel companies as Tata Steel was gearing up to meet with huge domestic demand of 13 to 14 per cent growth in the next few years.

He said the company was in the process of making ''Vision Strategy'' till 2015, which would be out by this December.

Mr Muthuraman said the company was in the process of merger of Corus and hoped to make saving of 130 million dollars by this year and equal amount by next year and subsequently 400 million dollars in 2009.

He said the company was also studying a new technology evolved by Corus to adopt it in near future.

Earlier at the convention, Mr Muthuraman said although the century -old Tata Steel first exported steel in 1920, the company basically zeroed in on catering to domestic demands.

Until 1991 open market concept, adopted by the Indian policy makers, Tata Steel still did not feel to go out and become a global company.

Since the beginning of this new century, Tata Steel had invested a lot to analyse the global market, especially the steel sector, and realised the need of a global player to be in the market, said Mr Muthuraman.

UNI