Tata Steel rules out price revision

Tata Steel has ruled out revision in prices under long-term contracts, even though global prices are likely to rise "slightly" in the coming months.

"There will be not be any change in the long-term prices and we intend to keep them the present level," Tata Steel managing director B Muthuraman said.

The industry expects a slight rise in global steel prices, which should register a slight rise in the next couple of months and register an increase in demand at 4.5 per cent to 5 per cent.

However, the prices are salted to stabilise around $450 per tonne.On the demand for steel in India, it is slated to grow at around 7 per cent to 8 per cent.

Talking on the expansion plans of Tata Steel, he said that Jamshedpur plant capacity which was to be increasaed to 7.4 million tonne is on line and would be completed by 2008.