trending Market Intelligence /marketintelligence/en/news-insights/trending/Ic1AUlB0qu6wl4Gl3G2CeQ2 content esgSubNav
In This List

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


Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape


Essential IR Insights Newsletter Fall - 2023


Battery metals - unbated long term need for supply security despite short-term headwinds

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.