According to local media, Indian steel group Tata Steel could cut over 2,500 jobs, i.e., 25 percent of the total, in its troubled European operations. These cuts could involve plants in the Netherlands, France, the UK and Belgium, and would allow the company to save $930 million.
A company spokesperson stated, "Like all European steel producers, Tata Steel Europe continues to experience difficult market conditions due to global overcapacity." Tata Steel launched its transformation program in June this year with the aim of strengthening its business by developing "a simpler and leaner organization, capable of sustainably financing high levels of investment."
The proposals are also "being developed to improve our supply chain, our manufacturing performance and raw materials usage, as well as efficiency gains through digitalization," the spokesperson said.