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20 November, 2019 00:00 00 AM

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Tata Steel to cut up to 3,000 jobs in Europe

AFP, The Hague

Indian group Tata Steel said Monday it would slash up to 3,000 jobs in Europe as it restructures European operations following the collapse of a planned merger.

The announcement came after weeks of speculation that the steel giant, which employs 11,000 workers in the Netherlands, would cut thousands of jobs to tackle structural challenges and weaker demand for European steel that is compounded by the US-China trade conflict.

The group employed around 20,000 workers across the continent.

One way to improve the group's finances was to cut employment costs, which meant "an estimated reduction in employee numbers of up to 3,000 across Tata Steel's Europe operations," the group's European unit said in a statement.

About two-thirds of the cuts would likely affect administrative posts, Tata said.

"Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts which have turned the European market into a dumping ground for the world's excess steel capacity," Tata said.

"Together with a significant increase in the cost of emission allowances, this has created an urgent need for improvements to the company's financial performance," it said.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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