Financial Daily from THE HINDU group of publications
Tuesday, Aug 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 24, 2004 |
||
|
|
||
|
Home Page
-
Steel Corporate - Announcements Lower prices to stay till March 2005: Tata Steel Our Bureau
Mumbai , Aug. 23 THE Rs 2,000-per tonne reduction in steel prices announced by Tata Steel on Sunday will be in force up to March 31, 2005, regardless of any likely rise in input cost, Mr B. Muthuraman, Managing Director of the company, today said. Terming the price cut as a historic decision by Tata Steel, Mr Muthuraman said it will be applicable only to its direct domestic customers, who account for 70 per cent of the company's sales volume. There will not be any reduction in export prices. The company will also focus on the domestic market and try to reduce export volumes, he said. Addressing a press conference here today, Mr Muthuraman said about 30 per cent of the products is distributed through thousands of retailers and the company is not in a position to reduce their prices. Asked whether the price cut was promoted by Government pressure, he said: "The decision was taken by the company." He also said the decision to cut prices was taken much before the cut in import duty on steel announced last week.
More Stories on : Steel | Announcements
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|