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Tata Steel down as Corus extends production cut
Tata Steel stock slid around one per cent on Tuesday though the company announced that September quarter results of Corus would be consolidated and taken on record on November 28.
Tata Steel stock slid around one per cent on Tuesday though the company announced that September quarter results of Corus would be consolidated and taken on record on November 28.
Corus, which had announced 20 per cent production cut for the October-December quarter, has now decided to extend the trimming of output beyond December. The second largest steel maker in Europe expected a crude steel production slash of 30 per cent than planned during the six-month period to the end of March 2009.
This meant that in the January-March 2009 quarter, it would reduce crude steel production at a higher rate than envisaged for the current quarter.
Corus will temporarily idle one blast furnace at each of its Scunthorpe, IJmuiden and Port Talbot works and will also adjust output levels on its downstream production units to suit market conditions in their respective regions and end-use sectors.
