Business Daily from THE HINDU group of publications
Thursday, Nov 05, 2009
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Business Daily from THE HINDU group of publications Thursday, Nov 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Overseas Investments Industry & Economy - Events
Mr B. Muthuraman, Vice-Chairman, Tata Steel (left), and Mr S.K. Roongta, Chairman, SAIL, at the Steel Summit 2009 in the Capital on Wednesday. — Our Bureau New Delhi, Nov.4 Tata Steel is set to ramp up the capacity use of its European operations under Corus to 100 per cent by the end of this fiscal. This was stated by the Tata Steel Vice-Chairman, Mr B. Muthuraman, on the sidelines of a steel summit in the Capital on Wednesday. Tata Steel’s European operations are currently at 80 per cent capacity use and the company aims to increase this to 85 per cent by next month. “Global demand for steel is increasing again. While India and China are doing exceedingly well, demand in Europe is also picking up,” said Mr Muthuraman. He downplayed fears that China’s increase in steel production might create a global glut. “I don’t think Chinese production will create a glut in the market. Chinese production will mainly take care of the country’s domestic demand, which has gone up because of the stimulus package,” he said. Tata Steel has cut prices for flat steel products. The company’s Managing Director, Mr H. M. Nerurkar, said on the sidelines of the summit that the company had cut domestic prices for flat steel products following price cuts in the category from rivals. Tata Steel Europe plans cost-saving schemes Kirby Adams is new CEO of Corus, Tata Steel Europe More Stories on : Overseas Investments | Events | Steel | Tata Steel Ltd
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