No job cut in Tata Steel: MD

Tata Steel Managing Director B Muthuraman has ruled out any job cut in the company, giving credit to its strong internal structure and was disappointed by the delay in the proposed steel plant that could create more job opportunity.

"I believe jobs are protected in the company as Tata steel do not focus on profit alone but our strength is our high internal structure,"he said. Muthuraman, however, was disappointed by the delay in their proposed greenfield projects in Jharkhand.

"We want to put up a steel plant, create employment opportunities but I am disappointed by the delay,"he said, adding that"even if we think to opt out of Jharkhand, it would only cause revenue loss to the state government." Referring the two memorandums of understanding that Tata steel had signed with the Jharkhand government in 2004, he said Tata steel was the only company which had invested in Jharkhand.

He said that he was more concerned about the demand rather than price cut in the steel sector. Interacting with the editors of the local dailies here on the occasion of New Year last evening, Muthuraman said even at the present stage, the prices of steel was not bad compared to 2001, when the steel prices was 200 dollar per tonne.

Currently, the prices of steel came down from 1,100 dollar per tonne to 500/600 dollar per tonne in view of the slowdown world-over.
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