Tata Steel cuts jobs

Indian steel major Tata Steel is also in the process of firing jobs. As part of the company's restructuring and cost-cutting plans, it will cut off large numbers of European units. The decision was made by a company wrestling with weak demand and high costs.

Tata is expected to announce job cuts in its European business, European chief executive Henrik Adam said in an interview. In a statement released on Monday, Tata Steel said it was confident that their business would continue to grow despite the adverse market conditions. More than 3 thousand jobs will be opened up. In the face of international competition for steelmaking in Europe and high fuel costs, it is expected to threaten high-wage workers. It is estimated that two-thirds of all fresh cuts are for white-collar jobs. The European business employs a total of 20,000 people.

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