Mumbai, May, 21 (EPC News): Tata Steel plans to invest £400 million over the next five years to uphold its loss-making unit of steel business in Europe. The company also has plans to deduct 1,500 jobs to restructure its unit. The strategy includes a proposal to close or mothball parts of the Scunthrope plant and put at risk 1,200 jobs at Scunthrope and 300 jobs at the Teesside sites.
The investment would improve long products manufacturing capabilities of the company, and closing the bloom and billet mill will save energy. It will further help in retaining flexibility, responding to a market upturn,” informed Tata Steel Director, Long Products, Jon Bolton.
EPC News Bureau
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epcworld
| Posted on:5/21/2011 at 9:27 AM