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The corporation has issued a press release stating that up to 2.8 thousand people will be let go, with 2.5 thousand of those lost over the course of the following 18 months.
Tata Steel intends to transition to more ecologically friendly methods of producing steel, which includes closing the furnaces by the end of 2024. Additionally, the action is meant to strengthen operations that are losing money.
The company plans to convert from electric arc furnaces, which require fewer people and release less CO2, to coal-fired blast furnaces, with the help of 500 million pounds ($634 million) investment from the British government. Tata Steel plans to contribute 750 million pounds to the project in total.
Since launching its business in the UK in 2007, the steelmaker has reportedly invested 4.7 billion pounds.
source: ft.com
Tata Steel intends to transition to more ecologically friendly methods of producing steel, which includes closing the furnaces by the end of 2024. Additionally, the action is meant to strengthen operations that are losing money.
The company plans to convert from electric arc furnaces, which require fewer people and release less CO2, to coal-fired blast furnaces, with the help of 500 million pounds ($634 million) investment from the British government. Tata Steel plans to contribute 750 million pounds to the project in total.
Since launching its business in the UK in 2007, the steelmaker has reportedly invested 4.7 billion pounds.
source: ft.com
