India’s Tata Steel said in a statement on Monday the measure, among others, is aimed at building “a stronger and more sustainable business in Europe”.
According to the company’s statement, the outlined transformation programme “is needed to ensure the business can thrive despite severe market headwinds which have led to a sharp decline in profitability. At the same time, it aims to secure the foundation for investments required to accelerate innovation and the company’s journey towards carbon-neutral steelmaking”.
According to the statement, the job cuts will affect about two-thirds of the company’s staffers in Europe which “are expected to be office-based roles”.
India’s Tata Steel is one of Europe’s leading steel producers with plants running in the Netherlands and the United Kingdom and other facilities across the EU.