Tata Steel: Corus pension funds surplus likely rose
Tata Steel said that the aggregate surplus of the pension funds of its Corus unit was likely to have risen in the Sept quarter from more than 500 mn sterling or $1 bn on June 30.
By TNN |
MUMBAI: Tata Steel said on Wednesday that the aggregate surplus of the pension funds of its Corus unit was likely to have risen in the September quarter from more than 500 mn sterling or $1 bn on June 30.
Tata Steel issued the statement after a newspaper reported the pension funds were facing losses because of the decline in global markets, which the company termed "speculative and uninformed".
"The UK Pension Funds of Corus are significantly de-risked with around 70 per cent of the portfolio in debt related instruments," Tata Steel said in a statement.
"Based on initial quarter end assessment, the surplus as on September 30, 2008 is estimated to be higher than end June."
Tata Steel said the details of the pension funds' performance would be disclosed when the company releases its consolidated results in November.
Tata Steel issued the statement after a newspaper reported the pension funds were facing losses because of the decline in global markets, which the company termed "speculative and uninformed".
"The UK Pension Funds of Corus are significantly de-risked with around 70 per cent of the portfolio in debt related instruments," Tata Steel said in a statement.
"Based on initial quarter end assessment, the surplus as on September 30, 2008 is estimated to be higher than end June."
Tata Steel said the details of the pension funds' performance would be disclosed when the company releases its consolidated results in November.
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