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Steel Firms Freeze Hiring, 20 Nov, 2008	Views : 2980	Comments ( 11 )

Different industries like IT, aviation, textile and financial services, are witnessing a trimming of their workforce to rein in costs but the Indian steel sector is still in a wait and watch mode. Till now, there have been no job cuts in the sector, but steel manufacturers like JSW Steel and Ispat Industries have frozen new recruitments for the time being. Mr. Anirudh Singh, senior VP- corporate HR, JSW Steel Ltd said, "We are not hiring people for the time being. We have hired a good number last month, but due to the slowdown, we have frozen new recruitments temporarily." On the other hand, Essar Steel Ltd has no plans to cut down on head count or salary package of employees as its salary to turnover ratio is minimal. Last year, employee costs stood at 2% of the company's revenues, an Essar Steel spokesperson said. Mr. Pawan Burde, an analyst with Angel Broking said, "There may be a recruitment freeze, but job cuts look unlikely in the steel sector as the overall employee cost is just 7-10% of revenues in the steel segment. Curtailing temporary or contractual staff differs from company to company."
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