InvestorQ : Is it true that Tata Steel is cutting production across all its key global manufacturing facilities due to COVID-19?
Khushi Patel made post

Is it true that Tata Steel is cutting production across all its key global manufacturing facilities due to COVID-19?

Answer
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Anjana Aiyar answered.
5 months ago


Tata Steel has decided to cut production of steel across four of its major global steel plants including its principal manufacturing plant at Jamshedpur. Most of its European customers had ceased production and that had resulted in a sharp fall in demand for steel (especially from car makers). Europe has become the new epicentre of the Coronavirus pandemic and the shutdowns are likely to continue for quite some time as Italy, Spain, France and UK grapple with rising deaths from the COVID-19 virus. Tata Steel has seen a sharp fall in demand for steel in the last few months and the COVID-19 has only exacerbated the trend. Steel demand is likely to pick up only once the Chinese economy picks up.