UK - 2800 Jobs On The Line As Tata Steel Opts For Electric Arc Furnaces In UK | Benzinga
Tata Steel Ltd. has announced the closure of its two blast furnaces in the U.K., resulting in the potential loss of up to 2,800 jobs at its Port Talbot steelworks in Wales.
What Happened: The closures are part of Tata Steel’s plan to revamp its loss-making U.K. steelmaking business by transitioning to lower carbon electric arc furnaces, a move supported by a £500 million ($634.10 million) government investment, reported Reuters on Friday.
The company anticipates 2,500 roles being affected within the next 18 months, with an overall job loss estimated at 2,800. Tata Steel will initiate a consultation process as part of the restructuring and aims to maximize voluntary redundancies.
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Despite the challenges, Tata Steel’s CEO, T V Narendran, believes that the proposed changes are necessary for the long-term sustainability of the U.K. business. The company, which currently employs over 8,000 people ...