Tag: tata steel

On Monday, Tata Steel announced that they will be undergoing a cost-effective and restructuring programme. In furtherance of the same they are planning to cut around 3000 jobs in and around their European operations. Company had to take such a step because there was excessive supply but low demand and high cost. Before the news was out in public, a source informed that the European chief executive of Tata Steel Henrik Adam is going to role out few of the employees which may be of around 20,000 people but the number was not confirmed. This came as a result of loss the company was facing in the market. The step to roll out employees came after a major discussion and the Indian steel major said this was required to make the operation a going concern. If the employee would be rolled out, they would be able to run their business even if there occurs any market headwinds and it will hasten innovation towards carbon-neutral steelmaking.