Trending: Tata Steel Plans Job Cuts at U.K. Plant as Part of Restructuring
1537 GMT - Tata Steel is among the most mentioned companies across news items over the past two hours, according to Factiva data, after the company said that it would cut up to 2,800 jobs at its U.K. plant as part of a restructuring. The Indian multinational steel-making company said that the restructuring is part of a plan to reverse more than a decade of losses and transition to more sustainable steel production at its Port Talbot site in South Wales. It said that 2,500 jobs will be affected within the next 18 months with the rest in three years. Tata said 1.25 billion pounds ($1.59 billion) will be invested in electric arc furnace technology in Port Talbot and asset upgrades, of which the U.K. Government has committed up to GBP500 million to help the transition. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
January 19, 2024 10:53 ET (15:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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