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

Tata Steel has outlined proposals to build a stronger and more sustainable business in Europe, which include cutting up to 3,000 jobs, the company said on Monday November 18.

The programme is needed to “ensure the business can thrive despite severe market headwinds which have led to a sharp decline in profitability”, the company said.
In the first six months of its current financial year, which commenced in April 2019, Tata Steel Europe reported a drop of 90% in its earnings before interest, taxes, depreciation and amortization (Ebitda) to £31 million ($40 million).

It claimed that stagnant European steel demand, global overcapacity and trade conflicts have turned the European market...


Carrie Bone

November 19, 2019

13:00 GMT