Tata Steel confirms 1,000 job cuts in United Kingdom

"As part of the comprehensive set of proposals, Tata Steel Europe intends to lower employment costs," the firm said in a statement on Wednesday

London: Tata Steel Europe has begun consultations with the European Works Council (EWC) on restructuring plans for its business, which would include up to 3,000 job losses — 1,000 of which will be in the UK. The Indian steel major announced the job cuts last week as part of a wider transformation programme as it blamed ongoing losses and continued global headwinds faced by the steel industry.

"As part of the comprehensive set of proposals, Tata Steel Europe intends to lower employment costs," the firm said in a statement on Wednesday. "This is expected to lead to an estimated reduction in employee numbers of up to 3,000, about two-thirds of which would be management and office-based roles. Up to 1,600 are expected in the Netherlands, 1,000 in the UK and 350 elsewhere," it said.

Tata Steel said it aims to build a financially strong and sustainable European business, able to make the investments required to accelerate innovation and the company's journey towards carbon-neutral steelmaking. Tata Steel Europe CEO Henrik Adam said, "I'm very proud to see the dedication of everyone in this business, determined to succeed even in the face of a very tough market. I also understand and appreciate colleagues' concerns about these proposals." "Change creates uncertainty, but we cannot afford to stand still as a company — the world around us is changing fast and we have to adapt."

3,000
Total no. of job loses across world

LG replaces CEO as profit dives 30.5%

South Korean appliance giant LG Electronics replaced its CEO and a raft of other top leaders, including the CFO, on Thursday after net profits plummeted 30.5 per cent in the July-September period from a year earlier. CEO Jo Seong-jin, dubbed a "washing machine genius", was appointed in December 2016. LG said on Thursday he was being replaced by Brian Kwon, 56, with effect from Sunday.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!