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Investor Strategy

Tata Steel Europe to cut 1,250 jobs in turnaround push

imageStock Markets8 hours ago (Mar 10, 2020 08:06PM ET)

(C) Reuters. Tata Steel Europe to cut 1,250 jobs in turnaround push

(Reuters) – Tata Steel Europe is planning to cut 1,250 jobs as it faces “challenging circumstances” and “needs to urgently improve profitability”, Chief Executive Officer Henrik Adam said in an internal memo seen by Reuters on Tuesday.

“Our financial situation is serious and there’s an urgent priority to improve the performance of the business and our cash position,” Adams said in the memo.

Besides the job cuts, which would be less than half of what the company had announced last year, Tata Steel said it will not replace employees who have retired or left the company.

It had in November decided to cut 3,000 jobs across its European business.

The company has outlined details of a transformation program and continues to be in talks with its European works council to minimize job losses, according to the memo.

“Although it’s good news that we are able to minimize the impact on our current employees, we need to progress with speed to secure the future for the business,” Adam said.

In response to the Tata Steel’s plans, Britain’s Unite union has called for “urgent talks” with the company to discuss the implication on the company’s UK operations, including the Port Talbot site in South Wales.

Tata Steel Europe to cut 1,250 jobs in turnaround push

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