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Tisco to pare staff by 3,000 this fiscal

Tata Steel, which has become one of the most modern steel making entities following the modernisation process, will further reduce its staff by about 3,000 workers during this financial year. The present staff strength of Tisco is 48,821.

Stating this, Tisco managing director J J Irani told newspersons in Calcutta on Monday that the company ended the last financial year with higher production and productivity and planned to introduce performance ethic programme under which the company would promote promising younger people to higher position depending on their respective performance rather than following the tradition of seniority.

He said the company had also planned to reduce the average age of senior officials to help create a high-performing organisation.

He said that the company would delegate financial powers and decision making to younger officials to make the organisation vibrant and cost effective.

He said the company had invested about Rs 70 billion in modernisation which had helped earn the organisation the 'right to grow'.

The company's share in the domestic market had gone up by about 11 per cent though its share in the export front had gone down by about 15 per cent, while the total steel sales went up by about 6 per cent to 3.38 million tonnes during the last fiscal compared to the previous year's 3.19 million tonnes.

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