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Tata Steel Europe to cut 1,250 jobs in turnaround push

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  • Besides the job cuts, which would be less than half of what the company had announced last year, Tata Steel said it will not replace employees who have retired or left the company

Source | economictimes.indiatimes.com | Reuters

Tata Steel Europe is planning to cut 1,250 jobs as it faces “challenging circumstances” and “needs to urgently improve profitability”, said its Chief Executive Officer Henrik Adam in an internal memo seen by Reuters on Tuesday.

“Our financial situation is serious and there’s an urgent priority to improve the performance of the business and our cash position,” Adams said in the memo.

Besides the job cuts, which would be less than half of what the company had announced last year, Tata Steel said it will not replace employees who have retired or left the company.

It had decided to cut 3,000 jobs across its European business in November.
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The company has outlined details of a transformation programme and continues to be in talks with its European works council to minimise job losses, according to the memo.

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Source
economictimes.indiatimes.com
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