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By ALEX MACDONALD
LONDON – In light of weak European demand for its tube products, India-based Tata Steel Ltd. proposed Wednesday a recovery plan for its tubes business that may result in 200 job losses at four sites in the U.K. and the Netherlands.
The plan will focus on efficiency improvements and cost reductions with the aim of enabling the business to withstand the current weak economic conditions and restore the division back to profitability, the company said.
A total of four sites in the U.K. and the Netherlands will be affected by the plan. The company anticipates 110 job losses at its tube operations in Corby, U.K., 17 in Zwijndrecht, 28 in Maastricht and 45 in Oosterhout. The latter three sites are in the Netherlands.
The company said it would seek to minimize the impact of the recovery plan on its employees. "Our goal is to secure a sustainable tubes business which will not only weather the current economic storm, but can prosper in the future," said Remco Blaauw, managing director of Tata Steel's European tube business.
Write to Alex MacDonald at alex.macdonald@dowjones.com
source: wsj.com
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