Tata Steel plans to reduce about 3,000 jobs in its European operations. The company, which is struggling with weak demand and high costs, said this on Monday. Earlier, a person familiar with the matter told Reuters that about 3,000 people could also go for jobs. The source said this when Henrik Adam, the group's European chief executive, said without giving any numbers that Tata was planning to reduce jobs in its entire European business.
Tata said in a statement that the company needed to increase sales of higher-priced products and reduce costs by retrenching about 3,000 employees in its European operations. It said that about two-thirds of the jobs could be laid off from office-based positions. It is being told that Tata Steel Europe's EBITDA has fallen by 90 percent in the first six months of this financial year starting from April 2019.
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Talking about Tata Steel's Indian business, the company has incurred a loss of Rs 255.89 crore for the quarter ended September 30. According to the figures released, Tata Steel's revenue fell to Rs 4,580.47 crore in the quarter. On the one hand, if compared to the same period a year ago, then the company had a net profit of Rs 60.7 crore. Talking about the income of the company, it was Rs 5,907.47 crore in the same period a year ago.