Tata Steel Layoff: Tata Group’s steel company Tata Steel is going to lay off 800 employees at the Netherlands based unit of its plant in IJmuiden. A total of 9200 employees work in this plant, 30 kilometers away from Amsterdam.
According to Reuters report, Tata Steel’s Dutch unit said in its statement that the company has made several efforts to improve its position in the market and reduce costs. But despite all this, more needs to be done. The company said that significant investments have been made to transform Khuk into an environmentally clean company and more investments will be made in the coming days.
The restructuring of Tata Steel’s Dutch unit will impact the manager level and sports staff. The company said this was necessary to maintain a competitive edge as Dutch steel plants move towards more sustainable production methods.
This steel factory of Tata is responsible for about 7% of the total CO2 emissions of the Netherlands. Due to which it is the biggest polluting unit in the country. Tata Steel is working with the government of the Netherlands to switch to greener methods of making steel. But there can be no agreement yet on the support that Tata Steel needs.
Under the new plan, Tata said that by 2030 the company will replace production based on coal and iron ore with ovens running on metal scrap and hydrogen. In today’s trade, Tata Steel stock closed at Rs 121 with a rise of 0.12 percent. The market will remain closed on Tuesday, hence the reaction in the stock on this news will be visible only on Wednesday.
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