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17 February, 2002Steel Authority of India plans large workforce reductions in a bid to cut costs.
INDIA: The IMF South Asia Office reports sources stating the Steel Authority of India, the world's 13th largest steel company, is planning to slash its workforce by over 16,000 by the end of March 2003 in a bid to reduce manpower costs. The 10 million-tonne state-owned steel producer employs 148,000 workers at its four manufacturing facilities and other plants across India.
The company has been trimming its huge workforce in stages through voluntary retirement schemes. In the past three years alone it has already cut manpower by 26,000, and a top management official stated the company is aiming for a workforce of 100,000 by the year 2005.
The company has been trimming its huge workforce in stages through voluntary retirement schemes. In the past three years alone it has already cut manpower by 26,000, and a top management official stated the company is aiming for a workforce of 100,000 by the year 2005.