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Tata Steel to cut 1,500 UK jobs | Tata Steel to cut 1,500 UK jobs |
(40 minutes later) | |
Tata Steel is set to cut 1,500 jobs at a number of sites in the North of England, the BBC has learned. | Tata Steel is set to cut 1,500 jobs at a number of sites in the North of England, the BBC has learned. |
It is understood the Indian steel giant will cut 1,200 jobs in Scunthorpe and 300 in Teesside from its Long Products division. | It is understood the Indian steel giant will cut 1,200 jobs in Scunthorpe and 300 in Teesside from its Long Products division. |
But the firm says it is investing £400m in the division over the next five years to help turn the business around. | But the firm says it is investing £400m in the division over the next five years to help turn the business around. |
Tata is one of the biggest steel makers in the world, with operations in 26 countries. | Tata is one of the biggest steel makers in the world, with operations in 26 countries. |
In 2010, the company, which employs more than 80,000 people worldwide, recorded a turnover of $22.8bn (£14bn). | In 2010, the company, which employs more than 80,000 people worldwide, recorded a turnover of $22.8bn (£14bn). |
A press conference is scheduled in Scunthorpe for 13:00, the BBC understands. | A press conference is scheduled in Scunthorpe for 13:00, the BBC understands. |
George Dunning, leader of Redcar & Cleveland Borough Council, said the job losses would represent a "bitter blow" for the local economy. | |
However, he said the council, along with Jobcentre Plus, would do all they could to support those affected. | |
"We have a strong track record of responding swiftly to precisely this kind of situation," he said. | |
Tata has recently announced a number of investments in its Scottish and Welsh plants, including an £8m investment at its Clydebridge plant near Glasgow and a £53m investment at its Port Talbot plant. |