Tata Steel CEO confirms no alterations to the UK job cut plan

CEO T. V. Narendran of India’s Tata Steel told Reuters in an interview on Thursday that the company will not alter its plans about the anticipated job cutbacks in Britain while also assessing the need for additional support from the new UK government.

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Tata Steel CEO confirms no alterations to the UK job cut plan

August 2, 2024

The largest steel manufacturer in Britain, Tata, started shutting down one of its carbon-intensive blast furnaces last month, and the other furnace is scheduled to shut down in September.

At Port Talbot in South Wales, the shutdown of the two furnaces is expected to result in the loss of up to 2,800 jobs.

In negotiations with Tata Steel on government support for a shift to lower-carbon technology, Britain’s business minister Jonathan Reynolds stated in July that the new government was giving priority to preventing job losses.

Narendran stated, “The mandatory layoffs, which is the point where the unions, the government, and we need to see—how do we address that?” They would also consider retraining.

To construct further steelmaking facilities, the business is also assessing whether it needs to apply for additional government money, Narendran continued.

The new British government will need to approve the 500-million-pound ($635 million) support package that the previous administration had agreed upon with Tata Steel to assist in constructing a lower-carbon electric arc furnace.