Tata Steel Says Up to 2,800 Workers Will Be Affected by U.K. Business Restructure

By Christian Moess Laursen

Tata Steel said it expects up to 2,800 employees will be affected from a restructuring of its U.K. business, in a move to reverse more than a decade of losses and transition to a sustainable steel business from the legacy blast furnaces.

The Indian multinational steel-making company said Friday that around 2,500 roles would be affected in the next 18 months.

Under the reorganization, Tata Steel will invest 1.25 billion pounds ($1.59 billion) in electric arc furnace technology in Port Talbot in South Wales and asset upgrades "to secure long-term, high-quality production" at the U.K.'s largest steelmaker, it said.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

01-19-24 0835ET