India based steel giant Tata Steel decided to cut a staggering 3000 jobs in a bid to cope with the struggling international steel market. However, these job cuts are not happening in India, instead across their European markets.
Henrik Adams, the CEO of Tata Steel, Europe division in a press statement said that the emphasis is on building a financially strong and sustainable European market. He hoped, these job cuts would reduce costs and turn the company into a cash positive entity. The announcement comes after a merger with German rival Thyssenkrupp was blocked during the summer. Meanwhile, Wales’ economy minister Ken Skates said that they are looking at having a detailed conversation with the Tata Steel management to ascertain how much hit employees from Wales would have to take. While entire steel industry in Europe is tangled up at the moment, UK is trying to understand how to support workers effected by the decision. India’s Tata Steel employees about 20,000 workforce and is considered one of the biggest steel corporation in Europe.