India Current Update

The firm of Ratan Tata will eliminate 2800 jobs as it closes two blast furnaces at

<p>At its Port Talbot steelworks in Wales, Tata Steel said on Friday that it will shut its two blast furnaces in the United Kingdom by the end of the year, potentially displacing up to 2,800 workers.</p>
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<p>The closures are a component of India-owned Tata Steel’s ambition, supported by 500 million pounds ($634.10 million) in government funding, to convert its losing UK steelmaking operation to lower carbon electric arc furnaces.</p>
<p>About 2,500 positions are expected to go over the next 18 months, affecting 2,800 employment total, according to Tata Steel. As part of the reorganization, it said that it will begin a consultation process and work to maximize voluntary layoffs.</p>
<p>Tata Steel Chief Executive T V Narendran said, “We think this is the right course of action, even though it is difficult.” “We must transform at pace to build a sustainable business in the UK for the long-term.”</p>
<p>More than 8,000 people work for Tata Steel in the UK, but when the government revealed its financial plan to protect 5,000 jobs in September, there was a warning that there would be 3,000 layoffs.</p>
<p>In a separate statement, the trade unions GMB, Unite, and Community declared that they will confer with their members over potential next measures, such as strike action, after rejecting the Tata Steel offer.</p>
<p>Given that fewer people run electric arc furnaces than blast furnaces, the confirmation of the job losses is a serious setback for the region, since Tata Steel is a significant employer.</p>
<p>Tata said that it will provide a 130 million pound assistance package to assist impacted workers in finding new employment and retraining.</p>
<p>Since the largest single carbon emitter in the nation is Port Talbot’s coal-fired facility, the move to electric steelmaking is predicted to reduce carbon emissions in Britain by 1.5%.</p>
<p>Britain claims that by providing financial assistance to Tata Steel, it has contributed to securing the survival of the steel sector in the nation. Tata had threatened to close the facility completely, claiming daily losses of one million pounds.</p>
<p>Opponents of the idea, however, claim that since steel is produced by electric arc furnaces from recycled scrap steel rather than from iron ore, coke, and other inputs, the industry would be seriously harmed.</p>
<p>The government is in discussions with British Steel, a Chinese-owned company that owns two blast furnaces in Scunthorpe, northern England, about transitioning to cleaner production practices. Unions have issued up to 2,000 layoff warnings.</p>

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