InfoAnda - Steelmaker Corus to cut production by 30 percent

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Steelmaker Corus to cut production by 30 percent AFP - Saturday, November 8 LONDON (AFP) - - Indian-owned steel group Corus is to cut its production by 30 percent over the next six months due to weakening demand in Europe amid the global downturn, the company said Friday. "The current slowdown requires us to adapt our operations to the changing environment with maximum speed," said Corus chief executive Philippe Varin in a statement. The Anglo-Dutch group, which was bought last year by India's Tata Steel for 13.7 billion dollars, will temporarily shut down three blast furnaces in Britain and the Netherlands as part of the output reduction. Last month Corus announced plans to reduce its third-quarter production by about 20 percent "in order to align its production levels with demand in the European market," the group statement recalled. "Corus has now decided to extend the production cuts beyond December. Corus expects to produce about 30 percent less crude steel than planned during the two quarters to the end of March 2009," it said. "Consequently Corus will temporarily idle one blast furnace at each of its Scunthorpe, IJmuiden and Port Talbot works and will also adjust output levels on its downstream production units to suit market conditions," it added. Varin added: "We are adopting proactive and responsible measures in the areas of production and costs to optimise our results. Meanwhile, our strategy for long-term growth remains unchanged." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Stocks rise after two days of heavy sellingAP - Saturday, November 8 Greenspan: US GDP to decline significantlyAP - Saturday, November 8 Steelmaker Corus to cut production by 30 percentAFP - Saturday, November 8 Leaders debate finance crisis as bad news mountsAFP - Saturday, November 8 Related Articles: Business Gold prices rise modestly as dollar slipsAP - 2 hours 53 minutes ago US STOCKS-Wall St jumps on bargain hunting in volatile weekReuters - Saturday, November 8 Stocks rise after two days of heavy sellingAP - Saturday, November 8 Greenspan: US GDP to decline significantlyAP - Saturday, November 8 Anheuser-Busch settles shareholder suits over saleAP - Saturday, November 8 Enlarge Photo Steelmaker Corus to cut production by 30 percent Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed IMF sees recession in advanced economies in 2009 Among Obama's next challenges: his own security US doctors tell Liu Xiang he needs surgery Obama discusses global financial crisis with world leaders Airline profits nosedive as leaders debate finance crisis View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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