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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 sites in the North of England. | |
The Indian steel giant has proposed cutting 1,200 jobs in Scunthorpe and 300 in Teesside at its Long Products division, which is loss-making due to falling demand for steel, Tata said. | |
The firm also said it would invest £400m in the division over the next five years to help turn it 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). |
'Careful scrutiny' | |
The firm said demand for structural steel in the UK was only two-thirds of the level seen in 2007 and "is not expected to fully recover within the next five years". | |
As a result it proposed closing or mothballing parts of the Scunthorpe plant. | |
"We are proposing to take these actions only after going through an inclusive consultative process that involved very careful scrutiny of the Long Products business performance," said Karl-Ulrich Kohler, chief executive of Tata Steel's European operations. | |
He said the company would do "everything we can to provide [employees] with support and assistance". | |
George Dunning, leader of Redcar & Cleveland Borough Council, said the job losses on Teesside 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. | 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. | "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. | 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. |
Do you work for Tata Steel? Will you be affected by the job cuts? You can send us your experiences using the form below. |