Europe's second largest steelmaker Corus UK Ltd (Corus), a subsidiary of India's Tata Steel, has announced its decision to reduce its crude steel production over the next three months by up to 20 percent, i.e., by about one million mt.
The decision was taken in order to balance steel production and demand, which has been affected by the global financial crisis.
"We are taking appropriate steps to optimize our operations and protect our sound financial position over the next few months," Corus CEO Philippe Varin commented.
As for the operations of Tata Steel Group outside Europe, no change in production from current levels is planned.