Wednesday, November 12, 2008

SAIL may go for temporary production cut

Bloomberg reported that Steel Authority of India Limited may lower output as the global financial crisis cuts car and construction demand and commodity prices tumble.

Mr PK Rastogi secretary steel while attending a conference in the southern city of Hyderabad said that production of some of the products by Steel Authority may be cut temporarily as demand for long products and hot rolled coils in India has fallen. 

He did not give details about the size or timing of cuts.

SAIL produced a record 3.5 million metric tons of crude steel in the three months ended September 30th 2008.

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