Tata Steel is planning to refocus its speciality and bar business on high-value markets such as aerospace. The proposed changes would result in a reduction in employee numbers, mainly at its Rotherham-based bar business. This has been underperforming in the face of commodity-grade steel being imported to the UK due to the strong pound and high electricity costs which are more than double those of key European competitors.
The company has identified 720 positions which will potentially become redundant. However, the company will work closely with those at risk and their trade union representatives to redeploy employees and minimise the number of compulsory redundancies. The Company has invested more than 20 million pounds in recent years on its speciality steels business. These include five new melting furnaces capable of producing the advanced materials demanded by customers.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
| Company Name | CMP |
|---|---|
| Tata Steel | 210.00 |
| JSW Steel | 1255.20 |
| SAIL | 178.55 |
| Jindal Stainless | 766.85 |
| APL Apollo Tubes | 2004.30 |
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