Buzz People

Tata Steel to cut 3,000 jobs in 'severe' market

Tata Steel plans to cut as many as 3,000 jobs across its European business in another bid to come to terms with a "severe" international steel market.
The company wants to focus on higher-value products, it said, adding there would be no plant closures.
About two thirds of the job cuts will be office-based, it added.
The announcement comes after a merger with German rival Thyssenkrupp was blocked during the summer. Bosses had hoped the deal could reduce costs.
"Today we are highlighting important proposals towards building a financially strong and sustainable European business," said Henrik Adam, chief executive of Tata Steel in Europe.
"We plan to change how we work together to enable better cooperation and faster decision-making. This will help us become self-sustaining and cash positive in the face of unprecedented severe market conditions, enabling us to lead the way towards a carbon-neutral future."
The business employs about 20,000 people and is owned by India's Tata.
Port Talbot steelworks employs just under half of Tata's 8,385-strong workforce in the UK.
Wales' economy minister Ken Skates said: "I am seeking an urgent conversation with Tata to establish what this means for workers in Wales and how we can support those affected by this announcement."

https://www.bbc.co.uk/news/business-50467071
Register Now