Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Tata Steel Confirms 1,000 Job Cuts in UK as Talks with Workers Kick off

As part of the comprehensive set of proposals, Tata Steel Europe intends to lower employment costs.

PTI

Updated:November 27, 2019, 11:29 PM IST
facebookTwitter Pocket whatsapp
Tata Steel Confirms 1,000 Job Cuts in UK as Talks with Workers Kick off
Representative image.

London: Tata Steel Europe said it had begun consultations with the European Works Council (EWC) on Wednesday on restructuring plans for its business, which would include up to 3,000 job losses 1,000 of which will be in the UK.

The job cuts had been announced by the Indian steel major last week as part of a wider transformation programme as it blamed ongoing losses and continued global headwinds faced by the steel industry.

As part of the comprehensive set of proposals, Tata Steel Europe intends to lower employment costs, the company statement said.

This is expected to lead to an estimated reduction in employee numbers of up to 3,000, about two-thirds of which would be management and office-based roles. Up to 1,600 are expected in the Netherlands, 1,000 in the UK and 350 elsewhere in the world, it said.

Tata Steel said it aims to build a financially strong and sustainable European business, able to make the investments required to accelerate innovation and the company's journey towards carbon-neutral steelmaking.

Tata Steel in Europe CEO, Henrik Adam, said: I'm very proud to see the dedication of everyone in this business, determined to succeed even in the face of a very tough market. I also understand and appreciate colleagues' concerns about these proposals.

Change creates uncertainty, but we cannot afford to stand still as a company the world around us is changing fast and we have to adapt. Our strategy is to build a strong and stable European business, capable of making significant investments needed for a successful future.

During the meeting this week, which marked the official start of the employee consultation process with the EWC workers' unions, Tata Steel Europe said it had shared initial proposals about its transformation programme, focused across three other key areas besides lowering employment costs to improve the company's financial performance.

Increasing sales of higher-value steels by improving product mix and customer focus; efficiency gains by optimising production processes, supported by the application of big data and advanced analytics; and reduction of procurement costs through smarter sourcing and strengthening cooperation with companies within the Tata Steel group are among the other key focus areas of the company's plans.

Tata Steel said it agreed with the EWC on a forward process and will meet again in the coming weeks to discuss further details, with employees and other stakeholders kept updated during the process.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
ICICI Bank 524.80 -0.62
Indiabulls Hsg 272.45 -4.44
Reliance 1,554.90 0.26
Company Price Change %Gain
Yes Bank 56.00 -9.82
Indiabulls Hsg 272.40 -4.39
SBI 319.80 -4.89
Reliance 1,554.95 0.30
RBL Bank 338.80 -7.28
Top Gainers
Company Price Change %Gain
Bharti Infratel 259.70 5.55
Kotak Mahindra 1,674.30 1.52
JSW Steel 254.10 1.05
Tata Steel 403.25 0.86
Dr Reddys Labs 2,890.80 0.67
Company Price Change %Gain
Kotak Mahindra 1,674.30 1.48
Tata Steel 402.95 0.83
Reliance 1,554.95 0.30
Asian Paints 1,717.35 0.15
Infosys 715.15 0.07
Top Losers
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
Zee Entertain 287.70 -4.12
GAIL 117.15 -3.34
IndusInd Bank 1,465.85 -2.91
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 319.80 -4.89
IndusInd Bank 1,463.75 -3.05
Tata Motors 161.50 -2.77
M&M 510.30 -2.73

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results