Maharashtra Seamless Ltd, a leading seamless steel pipe maker, has informed that it has pocketed a contract worth Rs 757 crore from the state-run Oil and Natural Gas Corporation (ONGC).

According to the sources, the proposed order has been bagged for the supply of seamless casing pipes.

The sources further revealed that with this contract, the order-book of the conglomerate stood at Rs 1,370 crore.

According to the reports, in June, Maharashtra Seamless Ltd had won an export order of 45 million dollar from a US firm.

World slowdown has severely impacted the steel industry across the globe. Steel companies are facing slow demand following the decline in demand from automobile and real estate sector.

Many steel giants have decided to employ cost cutting measures including production cut and retrenchment of additional staff. Steel prices currently stand at $500 a tonne in the international market as compared to $1,250 a tonne in March-April.

Europe based steel giant, Corus has decided to cut production by 30 per cent following slow in demand.

The ongoing global financial crisis is badly impacting steel companies across the country. They are taking various cost cutting measures to cover their losses. Major steel companies such as JSW, Essar and Ispat Industries have already cut down their production due to steep decline in demand across various sectors.

CFO of JSW Steel, Sheshagiri Rao said that steel industry is dealing with low demand by announcing production cuts. He however said that that the situation would soon become normal.

The biggest steel maker in the world, ArcelorMittal has decided to reduce production of steel following slow demand due to global economic crisis. Its margin has been impacted due to slow demand by reality and automobile sector. Analysts of Citigroup Inc., Johan Rode and Peter Marcus has forecasted the decline in demand in the coming year. Many Russian, South Korean and Japanese steel giants have already decided to reduce production after noting decline in demand.

London - Steel giant Corus, Europe's second-largest steel company owned by India's Tata Steel, Friday announced plans to cut production by 30 per cent over the next six months.

The company, formerly British Steel, cited the global economic downturn for its decision to close two blast furnaces at its plants in Britain, and one in the Netherlands, until next March.

On Thursday, Corus said 400 jobs would be cut in its distribution business, which employs 2,400 people in Britain and Ireland.

Tata-owned steel giant Corus has decided to axe 400 jobs at its distribution unit due to global economic downturn.

The proposed job cuts will be spread across United Kingdom, comprising 100 in the West Midlands, around 100 in North Wales, 50 in South Wales and 50 in Leeds.

The company stated that its distribution business had been operating in an unstable and irregular market since the start of the year.