Jamshedpur: Tata Steel Thursday said prevailing market condition is a matter of concern as mining and commercial vehicle sectors are not performing well.
"The prevailing market is a matter of worry as mining sector and commercial vehicle sector are not doing well," Tata Steel Managing Director H M Nerurkar told members of Singhbhum Chamber of Commerce and Industry here.
Expressing confidence in the Indian economy despite the slowdown, Nerurkar emphasised the need for quality products and services to survive in the competitive market.
The industry is pushing for new regulations to ensure growth of the mining sector and talks are being held with the government in this regard, he added.
About the ancillary units in the steel sector, the Tata Steel MD said the performance of ancillary units were not good compared to the automobile sector.
Nerurkar said he has directed officials to form a special task force to explore the possibility of new vendor development in the steel sector as well as its promotion.
"We should review the performance of these ancillary units every six months to ensure whether its share was going up or not. If not, why?" he said.
Nerurkar said he was personally against any reservation for local vendors and Tata Steel would not compromise on quality and services.
About Tata steel's proposed international airport, Nerurkar said it has been approved by the board and sanctioned but acquiring land for the project was a challenge.