Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Tata Steel to cut 3,000 jobs at Port Talbot

by January 18, 2024
January 18, 2024
Tata Steel to cut 3,000 jobs at Port Talbot

Tata Steel is to push ahead with plans to close both blast furnaces at its Port Talbot works in south Wales.

The move is expected to lead to the loss of up to 3,000 jobs.

The decision follows a meeting between Tata executives and the Community, GMB and Unite unions at a London hotel today.

It is expected to be formally announced by Tata tomorrow.

Tata is planning to replace the blast furnaces – which produce new steel from iron ore – with a modern electric arc furnace.

This will produce usable steel from scrap metal. It will be more environmentally friendly to operate, but require a smaller workforce.

Last year, the government said it would support the £1.25bn plan with up to £500m of public money.

A plan put forward by the GMB and Community had argued that one of the blast furnaces should be kept open for a transitional period, alongside a new electric arc furnace, to safeguard jobs and preserve the UK’s ability to make new steel. However, Tata has been reluctant to do this because of the costs involved in keeping the existing furnaces and support operations going.

Tata Steel’s Port Talbot plant is the largest steelworks in the UK, it currently employs 4,000 of the company’s 8,000-strong UK workforce.

These plans would see 75% of of the workforce at Port Talbot lose their jobs.

It is understood that a large proportion of these 3,000 jobs will be gone by September of this year.

The first job losses are likely to begin in April, with more following in September.

Read more:
Tata Steel to cut 3,000 jobs at Port Talbot

0
FacebookTwitterGoogle +Pinterest
previous post
The Fitness Group Grows with 10 New UK Training Centres 
next post
UK banks expect sharp rise in defaults on unsecured debt

You may also like

Post Office Horizon inquiry: ‘enough evidence for police...

December 30, 2023

UK Government Quietly Pauses Natwest Retail Bidding Process

April 1, 2024

Getting to Know You: Daniel Mackle, Founder of...

May 31, 2023

Cutting-edge projects secure £6.6m investment to strengthen the...

September 13, 2023

Sir Jim Ratcliffe Criticises Labour’s Energy Plans Despite...

June 21, 2024

RAC says diesel drivers are being ‘ripped-off’ as...

May 4, 2023

Queens Nephew warns of ‘material uncertainty’ over Quintessentially’s...

January 7, 2025

10 Finance Apps Every College Student Should Use...

October 24, 2024

London investment will come roaring back after drop-off,...

November 25, 2022

Landlords defy tax hike as buy-to-let share of...

December 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Blue state Republicans threaten rebellion if Senate changes key provision in Trump’s ‘big, beautiful bill’

      June 5, 2025
    • Ricketts, Fetterman team up for crackdown on China’s attempts to purchase US farmland

      June 5, 2025
    • Hamas working to ‘sabotage’ Trump-backed aid group with ‘fake news’: Israeli official

      June 5, 2025
    • Longtime Trump loyalist flips on GOP’s ‘big, beautiful bill’

      June 5, 2025
    • Supreme Court rules Wisconsin unconstitutionally discriminated against Christian charity

      June 5, 2025
    • Trump touts ‘very positive’ breakthrough with Xi after slamming China for trade violation

      June 5, 2025

    Categories

    • Business (8,147)
    • Investing (2,008)
    • Politics (15,529)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved