Tata steel to cut 3000 European jobs |
Tata Steel on Monday said that it plans to cut up to 3,000 jobs across its European operations, as the sector wrestles with excess supply, weak demand and high costs. According to sources, around 3,000 people would be affected after the group`s European chief executive Henrik Adam said Tata was planning to announce job cuts across the European business. In a statement, Tata said it was urgently seeking to improve performance by increasing sales of higher value products, efficiency gains and reducing employment costs by cutting employee numbers by up to 3,000 across its European operations. Around two-thirds of the job losses are expected to be office-based roles. Indian-owned Tata Steel, which launched a transformation programme in June to strengthen its European business, has operations including steelmaking in the Netherlands and Wales and downstream operations across Europe. The aim for the job cuts is to shield Tata Steel Europe from challenges, such as weak demand, excess capacity and trade issues, and to become cash positive by the end of its financial year ending March 2021. Tata`s quest to boost profitability follows a European antitrust decision to block a joint venture with Germany`s Thyssenkrupp. ArcelorMittal, the world`s biggest steelmaker, has also idled a series of plants across Europe.
|
|
|
|