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.