Tata Steel to lay off 1,050 employees in UK to reduce cost

Tata Steel Ltd said on Monday it would cut 1,050 jobs in Britain, as the biggest steelmaker in that country looks to save costs amid continued falls in the European steel price driven by a flood of cheap imports, mainly from China. [caption id=“attachment_2588908” align=“alignleft” width=“380”]  Reuters[/caption] The plan involves shedding 750 jobs at its Port Talbot-based strip products business, 200 jobs in support functions and 100 jobs at steel mills in Trostre, Corby and Hartlepool, the company said in a statement. “We need the European Commission to accelerate its response to unfairly traded imports and increase the robustness of its actions,” said Karl Koehler, chief executive of Tata Steel’s European operations. “Not doing so threatens the future of the entire European steel industry,” he said. “We now need all stakeholders to do their utmost to meet the unprecedented challenges the steel sector is facing.” British steelmakers pay some of the highest energy costs and green taxes in the world and are struggling to compete with record Chinese steel imports. Last month, Tata Steel, a unit of India’s diversified Tata conglomerate, said it was in talks to sell its struggling British-based unit to investment firm Greybull Capital. Reuters