Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Indian-owned Tata Steel has announced it will reduce the workforce in its speciality steel business in the United Kingdom by 720 jobs. The majority of job losses will occur at the steel-making plant in Rotherham, South Yorkshire. Further jobs will be lost at its plant in Stockbridge, also in South Yorkshire and at its steel operations in Wednesbury in the West Midlands. The company has said that it will try to avoid compulsory redundancies. It has been reported that Tata Steel was forced to cut jobs because of high energy costs as a result of the introduction of ‘green taxes’, increasing competition from low cost producers in countries such as China and the strong currency rate of the Great British pound (GBP). The announcement to cut jobs follows plans for a strike by Tata’s UK workforce over changes to the company’s pension scheme. The strike has since been cancelled. Tata Steel is headquartered in Mumbai, India and has a global workforce of around 80,000.
Eurofound (2015), Tata Steel, Internal restructuring in United Kingdom, factsheet number 84257, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/84257.
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