Tata Steel to close Wales plant with loss of 400 jobs

Monday, 02. September 2019 16:36

Indian steel-making company Tata Steel will close a plant in Wales that employs 380 people, the company announced in a press release on Monday.

The steelmaker added that it was unable to find any buyers for its Orb Electrical Steels plant in Newport, South Wales, and would, therefore, be shuttering it. It added that it could close a service center in Wolverhampton as well with the loss of up to 26 jobs. However, it said that it found a buyer for its Canadian-based unit Cogent Power Inc. and that it would retain Surahammars Bruks AB, which makes advanced steels for electric vehicles and employs around 100 people.

The news comes as the steel giant continues its restructuring following the collapse of its proposed merger with ThyssenKrupp AG, which the two companies abandoned in mid-May as they expected that it would be vetoed by the European Commission. The EC subsequently blocked the merger in mid-June.

Related Links: 
Author:
Breaking the News / DZ