Tata Steel clarification on Pension Funds of Corus

Mumbai, Oct 15: Tata Steel on Wednesday, Oct 15 reported that aggregate surplus of Pension Funds of Corus Steel was expected to be higher in the quarter ended September 30 when compared to the figure of 500 million Pounds (USD one billion) as on June 30.

In an official statement seeking what it termed as 'speculative and uninformed' reports in the media, clarified that the UK Pension Funds of Corus are significantly de-risked with around 70 per cent of the portfolio in debt related instruments. Based on initial quarter end assessment, the surplus as on September 30, is estimated to be higher than end June.

The details of the Pension Fund performance would be disclosed at the time of the publication of the consolidated results of the company in November, it added.

UNI