On March 10, Indian-based Tata Steel, the world's sixth largest steelmaker, announced that its UK-based subsidiary Corus is maintaining its output at around 40 percent of designed capacity.
Tata Steel CFO Koushik Chatterjee confirmed that Corus continues to operate at around 40 percent capacity, expressing his hopes that the company will thus be able to save ₤600 million ($831 million) by March as envisaged. Mr. Chatterjee said, "The cost-saving measures are on track at Corus in line with the targets."
Asked about India's domestic steel market, Mr. Chatterjee said that, though prices have not improved due to depreciation in the rupee, steel imports had fallen and there was no sign of dumping. He added that steel imports had fallen for two reasons; the problems with lines of credit from overseas banks and the depreciation of the rupee.