Tata-owned Corus to cut steel production

Tata-owned steel giant Corus has announced plans to cut production in Europe by up to one million tonnes over the next three months due to slowing demand.

"The decision is aimed at aligning steel production with demand, which is now affected by the consequences of the global financial crisis," the group said in a statement.

The company said that production at its plants outside Europe will not be affected by the reduced production targets.

Corus, Europe's second largest steelmaker, now produces more than 20 million tonnes of crude steel a year.

"We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months," Corus chief executive Philippe Varin said.