About 3,000 jobs cut by Tata Steel Ltd. across its European operations to cuts cost in the latest blow to the region’s industry. About two-thirds of the estimated reduction in staff would be office based or white-collar, positions, mention in the statement. Tata Steel did not give a detailed breakdown where the job losses would take place “Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts, which have turned the European market into a dumping ground for the world’s excess steel capacity,” Tata Steel said.
In this year, the European steel industry has faced growing headwind which amid to decline demand, slowing growth and the consistent threat from supplies from overseas such as exports from Turkey, Russia and China. In May, two steelmaker industry was put into liquidation British Steel Ltd and U.K.’s No.2 and has takeover the China’s Jingye Group Co. Apparent steel demand in the European Union will contract 3.1 per cent this year, lobby group Eurofer warned last month.