Tata Steel announces to cut production in India on COVID-19 hit
By MYBRANDBOOK
In order to cope up with the fatal COVID-19 virus, India’s Tata Steel on Wednesday said it has begun scaling down production at facilities in four major cities, including at its flagship plant in Jamshedpur.
Operations in downstream facilities have been suspended and put on care-and-maintenance mode, the company added.
Tata Steel said it was not yet able to assess the impact of the situation on its operations and financials, joining the Steel Authority of India Ltd (SAIL.NS), which said last week it had scaled back its manufacturing operations but could yet not estimate the hit it would take.
In Europe, Tata Steel had cut back production to match lower demand, the company reiterated.
“Overall European steel demand has sharply reduced compared to the normal conditions and many of our customers have paused production, including European car manufacturers,” the company said.
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