Hundreds of millions of losses for Tata Steel Netherlands

Steel maker Tata Steel Netherlands suffered a loss of 556 million euros in the last financial year, which ran to March. While the company made a profit of 352 million euros a year earlier.

In the annual report, CEO Hans van den Berg attributes the disappointing operating results to high energy prices and raw materials. Some projects were also delayed.

In order to protect the competitive position and continue the sustainability strategy, a reorganization is necessary, according to the regulation. This reorganization was already announced at the end of last year. Then it happened 800 courses in IJmuiden that was at risk, but according to the annual report this has now been reduced to 580. Jobs that are disappearing are mainly management positions and support positions.

The annual report also states that 300 million euros have been invested in reducing CO2 emissions, noise and odors. Tata Steel Netherlands is the biggest ‘climate polluter’ in the Netherlands, with 11.6 million tonnes of CO2 emissions per year. According to the company, Tata’s plans will lead to a CO2 reduction of around 40 percent by 2030.

What’s ahead The government announced its willingness to help Tata financially with stability, but there are conditions attached to this. This includes better control of nuisances and prevention of health damage to local residents. The company itself also had to contribute to the movement.

Those investments are not under pressure as a result of the loss reported today, a spokesman said. The company says it is confident of receiving support from the government for its sustainability strategy.