Tata Steel will supply water to 3,000 employees in Europe to reduce costs

(PTI) London, Ta. November 19, 2019, Tuesday

Tata Steel plans to cut 3,000 jobs in its European operations. The steel company, which is facing poor demand and high costs, said this.

A white steel giant in India said in a statement that 75 per cent of the 3000 employees who will be fired are playing white-collar roles in the office.

The company said in a statement that the information was also given to the European Works Council Select Committee. It is worth mentioning that the trade war between the US and China has reduced the demand for steel all over the world.

Tata Steel Europe said in a statement that the financial year ending March 2021 will see the company's results improve. The company further said that it has been decided to reduce the number of employees to reduce the cost to improve the financial position of the company.

In a statement, Tata Steel Europe CEO Heinrich Adam said: "We want to make European business more capable and strong." It is worth mentioning that just a few months ago, Tata Steel Europe announced the closure of two operations in Britain and that 400 employees lost their jobs.

The announcement was made by Tata Steel after it failed to sell a damaged orb electrical steel business in Newport, South Wales. According to the latest data released, Tata Steel Europe's EBITDA (earnings, earnings, tax, depreciation and amortization) for the first six months of the fiscal year beginning April, 2019 fell 90 percent to £ 3.1 million and revenue to £ 3.25 billion.