Tata Steel expects good performance in Q4
India's largest steel company, Tata Steel hopes early recovery of normalcy in steel market, the worst hit segment due to decline in auto sales and customer spending, under the impact of global slowdown and recession like conditions across the world.
The steel giant witnessed 26 per cent increase in sales in January as compared to sales in December despite low demand in auto, reality and household segment. Tata Steel Managing Director, B Muthuraman said, in the sidelines of IFEX '09, a trade fair of the foundry industry, "In light of what is happening around the world, the Indian demand situation is not bad. January was better than December and December was better than November. And I can see February will be better than January. So we are slowly coming back."
He said that company would focus on its expansion plans, and perform well in the quarter in terms of volumes.
On further expansion plans, Mr. Muthuraman said, "We are going to complete the expansion programme in Jamshedpur on time. Our Orissa project is also in full swing."
On its European subsidiary, Corus, the firm said that it has taken some short term measures, like all other European companies, cutting production by 35 per cent, leading to earn benefits worth £600 million in the last six months.