Corus maintains 40% production cut

Tata Steel today said that the production cut at its UK-subsidiary Corus continues to be around 40 per cent.

Speaking on the sidelines of CII annual regional meeting here today, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent.

Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."

He, however did not quantify the amount achieved so far.

Tata Steel had planned to save 600 million pounds from October 2008 till the end of this fiscal.

"Corus has cut production by 35-40 per cent just like any other European steel company, but it has initiated several short term measures in terms of cost reduction, product mix, conserving cash and working capital reduction by which it would probably save 600 million pounds between now and end of the year," Tata Steel Managing Director B Muthuraman had said last month.