Responding to the Crisis

Tata Steel Europe

The current economic downturn was first felt in the European manufacturing industry during the July-September quarter of 2008. Tata Steel Europe (TSE) reacted quickly to realign its output with the anticipated lower steel demand levels. It continued to monitor and adjust its output levels throughout the second half of the financial year as European steel demand deteriorated. The depth of the crisis required Tata Steel Europe to adopt a dual strategy and two series of measures were drawn up. The first, ‘Weathering the Storm’, comprised several short-term actions designed to cut costs and keep supply and demand in balance. The second, ‘Fit for Future’, addressed certain longer-term and structural issues that the downturn had brought into focus.