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TATASTLBSL - Tata Steel BSL News Story

₹23.5 1.8  8.1%

Last Trade - 11:23am

Sector
Basic Materials
Size
Small Cap
Market Cap £242.0m
Enterprise Value £1.85bn
Revenue £1.69bn
Position in Universe 456th / 2996

UPDATE 1-Tata Steel Dutch workers groups blast plans for job cuts

Mon 18th May, 2020 11:54am
(Updates with details, background)
    AMSTERDAM, May 18 (Reuters) - Dutch labour unions and the
works council of Tata Steel  TATS.NS  in the Netherlands on
Monday disclosed that the chairman of the subsidiary has been
dismissed and vowed to fight against 1,000 proposed job cuts.
    In a statement, the company's works council said that Theo
Henrar has been dismissed in what they described as an
"incomprehensible and ill-considered" decision made in the
interests of Tata Steel UK at the expense of the Dutch arm.
    "Both the shareholders in India and the European leadership
of Tata Steel have been failing to solve problems in Britain for
years," it said. "Billions of pounds and euros have not been
able to make Tata Steel UK profitable."
    Tata Steel employs around 9,000 people at IJmuiden, about 25
km (15.5 miles) northwest of Amsterdam.
    Labour Union FNV Steel said that Henrar had advocated to
preserve the Dutch operations.
    "The owners of Tata Steel in India are keen to downsize
IJmuiden," said Roel Berghuis in a statement. "Henrar had been
able to convince them time after time of the large importance of
the subsidiary for Tata Steel and the Netherlands."
    Tata Steel Europe began talks with workers in November over
a "transformation programme" that would led to 3,000 job cuts,
following a decision by European Union competition regulators to
block a joint venture with Germany’s Thyssenkrupp.  urn:newsml:reuters.com:*:nL8N2875LS
    In April the company said it had delayed reorganisation
plans until after July 1, due to the coronavirus pandemic.
    Steelmaking operations around Europe are operating at
reduced capacity due to a drop in demand from the auto industry.

 (Reporting by Toby Sterling, editing by Louise Heavens)
 ((toby.sterling@thomsonreuters.com; +31 20 504 5002;))
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