Tata Steel said on Friday that it will close two melting furnaces in Britain by the end of this year, which could lead to up to 2,800 workers losing their jobs at its steel plant in Wales.
The closures are part of the Indian company’s plan to turn around its loss-making UK steelmaking business by switching to low-carbon electric arc furnaces, a proposal backed by £500m of government money.
The company confirmed that it will begin a consultation process as part of the restructuring plan, indicating that about 2,500 jobs are likely to be affected in the next 18 months, with 2,800 jobs affected in general, and it will attempt to increase voluntary layoffs to the maximum extent.
“The path we are setting is difficult, but we believe it is the right one,” said TV Narendran, the company’s chief executive. “We must transform at pace to build a sustainable business in the UK over the long term.” (Reuters)
2024-01-19 16:09:22
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