World's sixth largest steel maker Tata Steel [Get Quote] said on Thursday there would be no job cuts in the company following the global financial turmoil.

"Tata Steel has faced such situation in the past boldly and will face the global financial crisis this time as well. . .It has prepared the strategy," company's vice president (corporate services) Partho Sengupta told newspersons in Jamshedpur on Wednesday.

Tata Steel would continue to be the largest producer of steel in the world, he said on the sidelines of a function organised by the Jharkhand cricket academy.

To a query about the sliding steel prices, he said it was a global phenomena.

Many companies are laying off their employees as a part of cost cutting measure to weather the storm of global financial crisis.