Tata Steel to cut 400 jobs in South Wales

Tags: News
Tata Steel said on Tuesday it will cut about 400 jobs at its Port Talbot plant in South Wales, around 10 percent of the workforce, as it looks to reduce costs to compete better in the strip products business in Britain.

Under the company's new management, Tata Steel has intensified cost cuts and focused on high-margin products to cope with soft demand in Europe, its biggest market.

Karl Koehler, chief executive of Tata Steel Europe, said in a statement the measures were "vital if we are to build a competitive future for our Strip Products business in the UK".

Koehler added that steel demand and prices were likely to be under pressure for some years.

Tata Steel got a foothold in Europe through its $13 billion acquisition of Britain's Corus in 2007.

"We will be seeking an urgent meeting with the compa ny to discuss our concerns about manning levels and reiterate our opposition to any compulsory redundancies," Roy Rickhuss, chair of the UK trade unions' steel committee said in a statement.

Hywel Francis, the local member of parliament and David Rees, member of the Welsh assembly, said in a statement: "We wish to place on record our continued faith in steel making at Port Talbot and we urge government at local, Welsh and UK level to work with Tata and the unions to achieve this."

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Steps towards transparency in the real estate sector are long overdue

    Searching for black money in India’s real estate sector, which constitutes 11 per cent of the country’s $ 2 trillion GDP, is like searching for th

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

Reaping from the core of the earth

Geothermal energy is energy generated from inside the earth’s crust. ...

Zehra Naqvi

For the love of language

A video doing the rounds in social media these days ...

Dharmendra Khandal

‘Poop’ coffee anyone? If civets suffer, so be it

That a drink which proudly associates itself with animal poop ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture