Tata Steel to cut 3,000 jobs across Europe as crisis bites
Tata Steel Ltd. had revealed plans to cut about 3,000 jobs across its European facilities to cut costs following the latest blow to the regions industry.
According to the company’s statement, around two-thirds of the reductions would be office-based staff. However, the steel-making facility did not give a detailed breakdown of where the job losses would be made.
“Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts, which have turned the European market into a dumping ground for the world’s excess steel capacity,” Tata Steel said.
The steelmaker’s European operations are facing “unprecedented severe market conditions,” Henrik Adam, chief executive officer of Tata Steel in Europe, said in the statement. Other steps to pare costs included boosting sales of higher-value steels, increasing efficiency and cutting procurement costs.
Southwest Airlines will cut 40% of its flights in May amid virus outbreak03.04.2020
Oil futures decline as Trump refuses to cut oil outputs02.04.2020
Energy stocks shore up European shares as markets scramble amid crisis31.03.2020
Pandemic crisis to hit economic growth in Asia, China, World Bank says