Corus Steel to extend production cut to March ‘09

Commodity Online
JAMSHEDPUR: Corus, a subsidiary of Tata Steel and world’s second leading steel producer has announced that it would extend the production cuts effected for October-December 2008 to March 2009. The decision was taken to align its production with demand in the European markets.

Last month, Corus had announced that third quarter production (October-December 2008) will be reduced by one million tonnes or 20%. Corus has raised the production cut to 30% of the crude steel output till March 2009.

“The current market slowdown requires us to adapt our operations to the changing environment with maximum speed,” said Philippe Varin, CEO of Corus Steel. “We are adopting proactive and responsible measures in the area of production and costs to optimize our results,” he added. However, the long term growth strategy of the company remains unchanged.
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