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1,700 Tata Steel UK employees have opted for voluntary redundancy scheme, says MD
Money Control
·
1y ago
Medial
Around 1,700 employees of Tata Steel's UK operations, mainly at its Port Talbot facility, have opted for voluntary redundancy. The scheme, which was opened in July, will close on August 7. Approximately 2,600 employees are expected to be laid off as Tata Steel continues to close down "heavy-end" assets at the Port Talbot site. However, around 5,000 people will continue to work for Tata Steel UK in downstream operations and other functions. The company is in talks with the UK government for further investments beyond the agreed £1.25 billion restructuring plan.
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Tata Steel ends 'legacy steelmaking' at UK's largest steelworks
Money Control
·
10m ago
Medial
- Tata Steel's Blast Furnace 4 at the Port Talbot plant in Wales ceased operations after over 100 years. - Steelmaking at the plant is set to resume in 2027-2028 using Electric Arc Furnace-based steelmaking with UK-sourced scrap steel. - Tata Steel is investing GBP 1.25 billion in low CO2 scrap-based steelmaking, sustaining over 5,000 jobs in the UK. - The closure of legacy steelmaking assets in Port Talbot marks a significant event in the UK steel industry's history. - Tata Steel plans to collaborate with business partners, academia, governments, and communities to secure a brighter, greener future. - The company's planned GBP 750 million investment in low-CO2 green steelmaking will be supported by a GBP 500 million Grant Funding Agreement with the UK government. - Many of the existing heavy end assets at Port Talbot had reached the end of their operational life. - Tata Steel is sharing details about the new Electric Arc Furnace with local communities, customers, and the planning department. - The transition will result in an estimated 2,800 redundancies, prompting sadness from steelworkers' trade unions. - The UK government has provided a minimum voluntary redundancy payout and offers of training to support affected workers.
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Tata Steel expects Netherlands govt support package to be larger than UK's, says MD Narendran
Money Control
·
1y ago
Medial
Tata Steel is seeking a larger support package from the Netherlands government compared to the aid offered by the UK government for restructuring its operations in the Netherlands. The discussions between Tata Steel and the Dutch government include the replacement of blast furnaces with electric arc furnaces and other sustainable measures to comply with stricter emission standards set by the EU. Tata Steel expects to conclude negotiations with the Dutch government by the end of 2024. The company has already agreed to a £1.25 billion restructuring deal with the UK government for its UK operations.
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Tata Steel CEO says job cuts in Britain ‘least bad option,’ will continue talks
Livemint
·
1y ago
Medial
Tata Steel CEO, TV Narendran, has stated that the planned job cuts in the UK were the "least bad option" for the company. Tata Steel intends to close its two blast furnaces in Britain, resulting in up to 2,800 job losses. Despite the plan being rejected by trade unions, Narendran hopes to reach a conclusion through continued talks. He emphasized that the company is not profitable and restructuring is necessary. Tata Steel is also looking into India's ongoing auction of critical minerals and expects strong steel demand in the country.
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Tata Steel reaches agreement with UK trade unions
Livemint
·
1y ago
Medial
Tata Steel has reached an agreement with trade unions in the UK, making way for a £1.25 billion electric arc furnace project at its Port Talbot plant. The project will replace two aged blast furnaces and may lead to 2,800 job losses, though it will also preserve around 5,000 jobs that would have been lost if the plant had been shut down. The UK government has promised £500 million in grants to support the transition. Tata Steel plans to begin construction on the project by August 2025.
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Recycling industry to be bigger than mining sector by 2050: Tata Steel MD T V Narendran
Economic Times
·
1m ago
Medial
Tata Steel MD T.V. Narendran predicts that the recycling industry will overtake the mining industry by 2050. Speaking at the Singhbhum Chamber of Commerce and Industry's platinum jubilee, Narendran highlighted opportunities in recycling and urban mining, given India's limited critical minerals and growing electronic consumption. Tata Steel itself is investing in recycling, foreseeing significant growth in managing by-products and recycling steel. Digital advancements also enable smaller companies to succeed through customization.
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‘More money on the table’ if Tata Steel can create more assets, jobs in UK
Livemint
·
1y ago
Medial
The new Labour government in the UK is willing to offer a higher grant to Tata Steel if the company invests in building downstream assets and creating more jobs for workers affected by the closure of blast furnaces. Discussions are also ongoing with the Dutch government, which has agreed to provide financial aid to Tata Steel for a similar transition at its mill in the Netherlands. The UK government supports the closure of blast furnaces for safety reasons and is focused on helping Tata Steel create a sustainable business and save jobs. In India, Tata Steel is evaluating the impact of a recent Supreme Court judgement regarding mineral rights and considering whether to continue investing in captive iron ore mines.
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Volkswagen Layoffs Gain Speed: 20,000 Exit Early as 35,000 Job Cuts Proceed
StartupTalky
·
2m ago
Medial
Volkswagen plans to cut 35,000 jobs by 2030 due to cost-cutting and Trump tariffs impacting the German auto sector. 20,000 employees have opted for voluntary retirement. The majority of layoffs will be in Germany. Severance payments, possibly up to $400,000, are planned. Apprenticeships will be reduced from 1,400 to 600 annually from 2026. These actions aim to save 1.5 billion euros annually and address issues from weak demand and tariff consequences.
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Tata Steel to begin construction work of UK's low-carbon project this month
Economic Times
·
1m ago
Medial
Tata Steel plans to begin construction of a low-carbon electric arc furnace (EAF) steelmaking project in the UK at Port Talbot this month, with a £1.5 billion investment, including £500 million from the UK government. The project aims to commence operations by 2027, transitioning the site from traditional blast furnace technology to more sustainable steel production using locally sourced scrap, as part of Tata Steel's broader decarbonization strategy.
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Tariff war delays Tata Steel UK breakeven, says CEO Narendran
Livemint
·
7d ago
Medial
Tata Steel's plan to achieve Ebitda breakeven for its UK operations has been delayed by six months due to global trade disruptions and the impact of US tariffs. Originally projected for the end of the second quarter of FY26, the target has been pushed to the final quarter of the fiscal year. Despite this setback, Tata Steel remains confident in its international strategy, including securing Dutch government support for decarbonizing its operations in the Netherlands.
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Steel ministry favours temporary tax to check imports, source says
Money Control
·
9m ago
Medial
India's steel ministry is considering the implementation of a temporary tax, known as "safeguard duty," to counter the rising steel imports from China. With imports from China reaching a seven-year high during April-August, Indian steel producers like JSW Steel and Tata Steel have raised concerns about the influx of cheaper steel. The government believes imposing curbs is necessary to prevent a crash in local steel prices and financial harm to domestic producers. The safeguard duty is seen as the quickest and most effective measure to protect the industry.
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