US meltdown: Tata steel cuts production by 20 pc

New Delhi, Oct 16: Tata Steel on Thursday, Oct 16 said its unit Corus has decided to reduce the crude steel production by up to 20 per cent or one million metric tonne over the next three months on account of softening of demand due to global financial crisis. The decision is aimed at aligning steel production with demand, which is now affected by the consequences of the global financial crisis, a company statement said.

''We are taking approciate steps to optimise our operations and protech our sound financial position over the next few months,'' Corus CEO Philippe Varin said.

No material change in production from current levels is planned for the operations of Tata Steel Group outside Europe.

UNI