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Tata Steel: 1,000 UK jobs to go amid worldwide cuts

Tata Steel: 1,000 UK jobs to go amid worldwide cuts

Business
Tata Steel has announced it expects to cut 1,000 jobs across the UK as part of the company's restructuring plans.Two thirds of the job losses will be management and office-based roles, Tata said.In the Netherlands 1,600 positions are also set to go, with 350 others cut elsewhere in the world.Tata Steel's Europe CEO, Henrik Adam, said the company "cannot afford to stand still" as "the world around us is changing fast and we have to adapt".Steelworker's union Community said it was "seriously concerned"."We have been presented with short-term plans, which only create worry and uncertainty and do little to inspire confidence," it added."It feels like the company is just managing decline and we need a significant change of direction t...
BMW, Daimler and Volkswagen fined €100m after forming cartel to buy steel

BMW, Daimler and Volkswagen fined €100m after forming cartel to buy steel

Business
Germany's three largest car manufacturers have been fined a total of €100m for forming a cartel to buy steel for their automobile components.Germany's federal cartel office announced the fine for BMW, Volkswagen and Mercedes-Benz owner Daimler. The regulator said that from 2004 to 2013, the carmakers regularly met steelmakers and other companies in the supply chain to discuss paying uniform surcharges when purchasing steel.The watchdog added that unlawful prices resulting from the cartel were paid until at least 2016.BMW said it would pay a penalty amounting to €28m. Advertisement Daimler will have to pay €23.5m, a spokeswoman said. Volkswagen, Germany's biggest carmaker which also owns Audi, declined to co
India’s Tata Steel to slash 3,000 jobs in Europe – report

India’s Tata Steel to slash 3,000 jobs in Europe – report

Business
Tata Steel is planning to cut around 3,000 jobs in Europe, with over half in the Netherlands, a source has told Reuters. According to the agency, Tata said on Monday that the job cuts are necessary as it wrestles with excess supply and high costs. But the report said the company insisted there will be no plant closures.In a statement to Reuters, Tata Steel said that challenging market conditions had been "made worse by the use of Europe as a dumping ground for the world's excess capacity".The move comes 10 weeks after the steel giant announced plans to close two UK operations with the loss of 400 jobs, blaming a failure to sell off its loss-making Orb Electrical Steels business in Newport, South Wales. Advertisement ...
British Steel rescue deal to ‘preserve thousands of jobs’

British Steel rescue deal to ‘preserve thousands of jobs’

Business
British Steel has been saved in a rescue deal by a Chinese industrial giant safeguarding up to 4,000 jobs, it has been confirmed.The sale to the Jingye Group will go through "as soon as reasonably practicable", said the Official Receiver, which has been handling the insolvency of Britain's second-biggest steel producer. The Chinese firm said it plans to invest £1.2bn in British Steel over the next decade and would "preserve thousands of jobs". Image: The business will continue to trade as normal between exchange and completion The completion of the sale depends on a number of issues, including gaining the necessary regulatory approvals.The business will continue to trade as normal during the period between exchange and completion.
Hundreds of jobs saved as British Steel unit sold

Hundreds of jobs saved as British Steel unit sold

Business
By Mark Kleinman, City editor Hundreds of jobs at a British Steel subsidiary will be saved on Friday when a French engineering giant confirms the acquisition of TSP Projects, an infrastructure design consultancy.Sky News has learnt that Systra, which has been engaged in talks to buy TSP for three months, has clinched a deal to buy the business, along with its £70m-plus pension liabilities. The agreement is expected to be announced by Systra and the Official Receiver, which has been managing British Steel since it collapsed into compulsory liquidation in May.A much larger transaction involving the sale of British Steel's wider business, including its vast steelworks in Scunthorpe, remains subject to several weeks of due diligence by Atae