India's TataSteel Ltd. is looking to more than double workforce productivity atits domestic operations in the next five years in a bid to be more competitivein the sector, Reuters wrote July 20, citing a senior official.
"We have to cut a lot of flab to come level with rivalsin India," the company official said, noting that measures such as jobscuts through a voluntary retirement scheme and a lower annual recruitment planwill be implemented to achieve the productivity goal.
Tata Steel did not comment on the matter but the newswirenoted that the company said in its recent annual report that "employeeproductivity continues to be a focus area."
Reuters further cited the company's annual report, sayingthe company's employee productivity rose to 701 tonnes of crude steel perfull-time employee in fiscal year 2015-2016 from 623 tonnes in the previousyear.
Meanwhile, the Tata steel official also said the companywill also focus on further automation and restructuring at its flagship 10 million-tonne-per-annumplant in the city of Jamshedpur to reduce costs.
Tata Steel haltedthe sale of its U.K. business earlier this month and has been the possibility of ajoint venture for its European operations.