Tata Steel not to layoff or recruit

Jamshedpur (Jharkhand) Oct 30: Tata Steel, the world's sixth largest steel maker, will not go for any job cut or retrenchment to counter the crisis emerging out of economic slowdown and decline in global steel demand.

This was informed here on Thursday, Oct 29 by Tata Steel Managing Director B Muthuraman, in a meeting to apprise the employees of the company about the slowdown. Mr Muthuraman appealed to the employees to concentrate more and more on cost cutting measures. The meeting was also attended by Tata Steel Chief Finance Officer(CFO)&Vice-President(Finance) Koushik Chatterji.

The steel major has currently around 82,000 employees worldwide, out of which 33,000 are in India, including 20,000 personnel in the firm's Jamshedpur plant alone.

On the other hand, Tata Motors, country's one of the largest automobile manufacturers, had retrenched 700 non-permanent employees last week citing decline in production as the reason.

UNI