Dr J Irani director of TATA Sons said the timing of Corus buy was not right although the USD 12 billion acquisition that catapulted TATA Steel to the world’s sixth largest steel manufacturer.

Mr Irani on the sidelines of a seminar organised by the Confederation of Indian Industry said that “It was a big inorganic step which increased our production fourfold. But nobody knew that steel prices will collapse like this.”

Mr Irani said that “We are now left with a huge debt. But we have a plan. The situation should get better in the next two three years. But a lot will depend on steel prices and the European markets.”

TATA Steel acquired Corus in early 2007 when steel prices were on an upside. The economic slowdown followed soon after and prices crashed by more than half.
(Sourced from BS)