Tata Steel hopes to save $831 mn from Corus operations

March 10th, 2009 - 7:02 pm ICT by IANS  

Kolkata, March 10 (IANS) Steel major Tata Steel is hopeful of saving 600 million pounds ($831 million) between October 2008 and March 2009 from its Corus operations, a top official said here Tuesday.
Last year, the company had launched a cost-cutting programme to save this amount to tide over the economic crisis.

“We launched a programme called ‘Weathering the Storm’ in October-November last year where we planned to save 600 million pounds over the next six months in absolute basis. It is in line till date,” Koushik Chatterjee, group chief financial officer of Tata Steel, said on the sidelines of a seminar.

Tata Steel acquired the Anglo-Dutch company Corus in October 2006.

Earlier the company had said it took several short-term measure like product mix changes, conserving cash and reducing working capital to slash cost.

It has also cut production in Corus by 40 percent. “We are still maintaining that,” Chatterjee said.

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