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Rediff.com  » Business » It's party time for Tata Steel staff

It's party time for Tata Steel staff

Source: PTI
January 31, 2007 14:34 IST
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It was celebration time for the employees of Tata Steel as large number of workers including Tata Workers Union president, Raghunath Pandey, assembled at their office in Bistupur to mark the acquisition of Anglo-Dutch Steel group, Corus, outbidding Brazil's CSN.

The employees and TWU officers sprinkled colours on Pandey as he arrived at the union office and exchanged colours among themselves.

The employees of the private steel major, which has shot up to the fifth position in the world steel market following the acquisition, distributed sweets to observe the Corus acquisition.

Pandey said Tata Steel's bid to acquire Corus during last Deepawali and its success in the very first month of 2007 indicates an auspicious year for the company, its employees and the country.

The acquisition of Corus would put further responsibility on the company as well as its employees to further improve its performance, he said, adding that the steel behemoth had become the world fifth largest steel producer with a capacity of 23.8 million tonne following the acquisition.

Asked about the financial burden on the company after it pumped in huge amount to acquire Corus, Pandey said Tata Steel did its homework well before taking any step. The company was also used to accepting challenges and acquisition of Corus was a part of it, Pandey added.

The Tata-Corus saga

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Source: PTI© Copyright 2020 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
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