The world's top auto company, Toyota is in touch with South Korean company POSCO to get steel for its operations. Toyota Motor Corp. is suffering losses due to low sales and has been employing various cost cutting methods to mitigate the impact of global slowdown. Entire automobile sector is facing the heat of global slowdown with significant decline in sales.

POSCO is the fourth largest supplier of steel in the world. It is already supplying steel to leading Japanese auto giants. The spokesperson of POSCO, Ko Min-jin said, "We are in talks with Toyota on a similar deal."

Industrial gas company BOC on Saturday revealed that it has secured an order from public sector steel major Steel Authority of India Ltd (SAIL) for supply of gas to meet its increasing demand.

The company officials said that BOC has inked a 15-year long term gas supply contract with SAIL for supply of 2600 tpd of oxygen, nitrogen and argon gases to meet its incremental demand as it is expanding capacity at its Rourkela Steel Plant.

BOC India, the arm of BOC Group, which is the second largest industrial gases company in the world, has secured an order from state-run Steel Authority of India Ltd (SAIL) for supply of gas to meet its increasing demand.

Under the 15-year long term contract, BOC will supply 2600 tpd of oxygen, nitrogen and argon gases to SAIL, to meet its incremental demand as the company is expanding capacity at its Rourkela Steel Plant.

TATA group owned TATA Steel reported 14 per cent decline in sales in the third quarter of current financial year as compared to sales during same period last year. It indicates the impact of global slowdown on the steel sector. Almost all economic segments are facing the heat of global financial crisis and gearing up for strict measures to deal with the situation.

The state government of west Bengal has decided to allocate 750 acres of land in Raghunathpur, Purulia to Jai Balaji Group of the city. Jai Balaji Group would use the land for integrated steel, power and cement projects worth Rs 16,000-crore. It would start the first phase of project within a few weeks. The company has also decided to offer jobs to one member of each family whose land has been acquired to set up the projects.

India's largest steel maker Tata Steel is forced to extend the deadline for commissioning the first phase of its steel plant in Vietnam. The project has been delayed due to the problems with land acquisitions in the special economic zone where large number of companies are setting up their projects.