Higher input costs and global slowdown adversely hit the business of state operated Steel Authority of India (SAIL) for the third quarter of current financial year.

The steel giant registered 56.4% decline in net profit for the quarter ended December 31, 2008 leading to a setback for its expansion plans amid recessionary waves across the world.

Tata Group owned and Europe's second largest steel manufacturer, Corus may start retrenchment drive in the days to come, clearly, to cut costs and ensure adequate growth amid recessionary waves prevailing across the world.

The workers, whose future is hanging in dark, following the reports of large scale lay offs by company, are seeking appointment with authority concerned to resolve all matters related to wages and production cut.

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.