TATA STEEL COULD FACE ANOTHER ONE 1,000 JOB CUTS

Up to 1,050 more Tata Steel jobs are set to

be axed, according to the BBC.

With Tata Steel expected to make an official announcement this morning, the latest round of cuts would come on top of hundreds of job losses in 2015.

It is believed up to 750 jobs could be cut from the Port Talbot site, the UK's largest steelworks.

The BBC reported another 300 jobs could be lost at steel mills in Llanwern, Trostre, Hartlepool and Corby.

Speaking with the BBC, UK Steel director, Gareth Stace said: "If anything does happen with further job losses, it's a wake up call again to government.

"The work it's doing to help us is good but we need much further action taking place to tackle the imports, the flood of Chinese steel into the UK and the European economy.

"We need to see government and the European Commission tackling that head on and quickly."

The news comes only days after reports that Tata Steel had put together a restructuring plan that could offer it's Scunthorpe refinery a lifeline.

A potential injection of £400m from a new investor could see the Scunthorpe site saved from having to shut down, according to the Sunday Telegraph this weekend - which cites sources close to the proposal.

The tentative deal could set out a plan to overhaul the business, including seeing costs scaled back, and changes to both employee and supplier contracts.

The overhaul could see the fortunes of the site transformed, moving from post losses of £100m for the year, on reported revenues of £1.6bn, to pontentially pulling in £100m in profit in as little as 24 months.

Source:TheManufacturer

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