Friday, October 17, 2008

Corus to cut crude steel output over the next 3 months

Corus has decided to cut crude steel production by one million tonnes – a 20 per cent reduction – over the next three months.

The move was taken to mitigate the effects of a softening near-term steel demand outlook and align production with demand that has affected by the consequences of the global financial crisis.

“We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months,” said Mr Philippe Varin, CEO of Corus.

There is, however, no change in the current production of the operations of Tata Steel Group outside Europe, a release from Tata Steel said.

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