Talking to FE on Thursday evening after being conferred with the CEO of the year award-2011 by the Indian Institute of Materials Management, Tata Steel managing director HM Nerurkar said units of Tata Steel Europe were currently seeing a 15% to 18% production cut. Tata Steel Europe has around 16 mtpa steel-making facilities. Their efforts at restructuring, cost reduction and those taken for customers, should definitely yield good results in times to come, the managing director said.
On the effect of slowdown in India, he said the steel sector in India has not been hit so far. The effect, if any in India, had been to the extent that the countrys economic growth which was earlier projected to hover around 8.5% to 9.5% is now estimated to come down to 6.5% to 7.5%.
Since November, the automotive industry had been performing well. Had the government paid attention to infrastructure projects, both steel and cement industry would also have done well.
Nerurkar said among the companys immediate targets was to complete its ongoing 3 million tonne per annum (mtpa) expansion programme by March 2012. The expansion would take Tata Steels rated steel making capacity here to 9.7 mtpa.
The company was also eager to step up considerably the pace at which its 6 mtpa Orissa greenfield project was coming up.
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