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...
