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Tata Steel to cut 2,500 jobs in Europe to save US$930M in costs

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Tata Steel to cut 2,500 jobs in Europe to save US$930M in costs

Tata Steel Ltd. subsidiary Tata Steel Europe will cut 2,500 jobs, or 25% of its workforce, in Europe to save US$930 million in costs, Business Standard reported Oct. 22, citing Dutch media outlet NH Nieuws.

Quoting a memo to employees, the company said that its Netherlands unit would contribute a bulk of the amount or a total of US$170 million in cost savings.

The job cuts will be across the company's plants in the Netherlands, France, England and Belgium, according to Central Works Council's vice chairman Gerrit Idema.

The worker union, meanwhile, said that it will intervene in the matter, considering that the Dutch operations are profitable. It noted that the final plan on job cuts will be ready by November.