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Chennai, Nov. 7 Corus, a subsidiary of Tata Steel, on Friday said that it would cut crude steel production by about 30 per cent till March 2009.

The company had earlier said it would cut production during the October-December 2008 period by one million tonnes of crude steel, equivalent to 20 per cent of its output.

Corus had now decided to extend the production cuts beyond December and would produce about 30 per cent less crude steel than planned during the two quarters to the end of March 2009.

In a press release, Corus said it would temporarily idle one blast furnace at each of its Scunthorpe, Ijmuiden and Port Talbot works. The company would also adjust output levels on its downstream production units to suit market conditions in the respective regions and end-use sectors.

“The current slowdown requires us to adapt our operations to the changing environment with maximum speed,” Corus’ CEO, Mr Philippe Varin, was quoted in the release.

More Stories on : Outlook | Steel | Tata Steel Ltd

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