For Tata Steel, it's yesterday once more

The year 2001 was bad for the global steel industry. Most of the US and European markets were out of reach for Indian companies. Chinese and CIS steel was flooding the country and a severe downturn was making things difficult for most companies, with large majors falling like nine pins.

It was during this time that Tata Steel managed to make a small profit of Rs 205 crore, one of the very few Indian companies to have done so, and one among the top five steel companies globally to have achieved the same.

Cut to 2008, and the signs are familiar. The steel industry is bracing itself for yet another steep slide and companies are again cutting production, slashing prices and generally worrying about where the next supply of cheaper ore would come from.

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