Many employees will have to literally say 'tata' to their jobs as Tata Steel Ltd plans to cut a further 1,050 jobs from its UK operations.
According to reports, the Indian steel giant plans to cut 750 jobs at its Port Talbot strip-products plant in Wales, 200 jobs in support functions and 100 jobs at its Trostre, Corby and Hartlepool steel mills, located across Wales and England.
“I know this news will be unsettling for all those affected, but these tough actions are critical in the face of extremely difficult market conditions which are expected to continue for the foreseeable future. We need the European Commission to accelerate its response to unfairly traded imports and increase the robustness of its actions. Not doing so threatens the future of the entire European steel industry,” said Karl Koehler, chief executive of Tata Steel’s European operations.
This development is a big setback to the UK’s beleaguered steel industry, which is struggling because of inexpensive Chinese steel imports, green taxes on electricity tariffs, and a drop in steel demand.