Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account

Tata Steel set to cut 3,000 jobs, unions seek urgent talks

Tue 19 November 2019 14:30 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Tata Steel are set to cut 3,000 jobs across Europe and unions are seeking urgent talks with the Port Talbot owners.

The announcement of the job cuts was made on Monday evening and it was done without consulting workers' representatives.

Tata on Monday said it was urgently seeking to increase sales of higher value products and improve efficiency, as well as reducing employment costs.

The job cuts show the difficulties in the sector and are expected to be mostly in office-based jobs in mainland Europe, Tata communicated.

The announcement also followed a decision by Tata Steel to close another South Wales factory in Newport.

Roy Rickhuss, general secretary of Community, said the steelworkers' trade union would fight to hold Tata Steel to a jobs guarantee that lasts until 2021.

"This is a shocking announcement, which will worry many steelworkers and their families in the UK and across Europe," he said. "This news has been badly handled and the company should hang its head in shame with the way this development has been communicated."

According to Reuters, steelworkers in Britain and the Netherlands said on Tuesday that they would fight Tata Steel's plans.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More company news from ShareCast