Tata Steel announces cost reductions and job cuts
United Kingdom: UK electrical steel producer Tata Steel has announced cost-saving proposals to improve the competitiveness of its UK business.
The plan includes shedding of further 1,050 jobs in the UK – 750 jobs at the Port Talbot plant in South Wales, the biggest steel plant in Britain, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool, the company states in the press release.
According to the statement, the proposed changes follow continued falls in the European steel price caused by a flood of cheap imports, particularly from China.
Source: Tata Steel