Tata Steel is closing its blast furnaces in the UK, potentially affecting 2,800 employment.
Business Standard
India
31-01-2024
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At its Port Talbot steelworks in Wales, Tata Steel announced on Friday that it would close its two blast furnaces in the United Kingdom by the end of the year, potentially displacing up to 2,800 workers.
The closures are a component of India-owned Tata Steel's ambition, supported by 500 million pounds ($634.10 million) in government funding, to convert its losing UK steelmaking operation to lower carbon electric arc furnaces.
About 2,500 positions are expected to disappear over the next 18 months, affecting 2,800 employment total, according to Tata Steel. As part of the reorganisation, it would begin a consultation process and stated that it would want to maximise voluntary layoffs.