Tata Steel's Acquisition of Corus (B)
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Case Details:
Case Code : BSTR355
Case Length : 17 Pages
Period : 1997-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Tata Steel Limited / Corus Plc.
Industry : Steel
Countries : UK, The Netherlands, India
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Tata Steel Group Reports Loss Contd...
TSG's management said that while they had made efforts to
bring down the company's costs, the prices at its European arm - Corus Group Plc. (Corus) - were impacting the profit margins.
In light of the recession in developed countries, Corus reported lower sales volumes in the European Union (EU).
The company's selling prices declined year-on-year by 1% in the EU. Lower capacity utilization and higher raw material cost impacted the operations in Europe.
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Commenting on the efforts TSG's management was taking to turn around the operations of Corus, the company's Managing Director, B. Muthuraman (Muthuraman), said,
"The results of TSG for the quarter ended June 2009 reflects the impact of the global economic downturn, particularly in the developed markets.
The Group is currently undertaking several restructuring initiatives internally
to not only weather the current storm but to emerge much stronger in the near
future. The global recovery is expected to be slow and the company will continue
to focus on operating performance and liquidity management."5...
Excerpts
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