Tata Steel Europe planning to lay off 1,250 jobs

Owing to challenging circumstances in which it finds itself & the need to boost profitability, Tata Steel Europe is planning to cut 1,250 jobs. This follows its move to do away with 3000 pan European jobs. The company also said that said it will not replace employees who have retired or left the company.

Chief Executive Officer Henrik Adam said in an internal memo, “Our financial situation is serious and there’s an urgent priority to improve the performance of the business and our cash position.” The memo clarifies that it is in talks with its European works council to minimize job losses.