Tata Steel might soon cut out on around 700 jobs as a result of imbalanced imports from China and increasing production costs in Europe.
While talking to a media personnel, Europe Head of Tata Steel, Karl Koehler said, "Energy is one of our largest costs at our speciality and bar business and we are disadvantaged by the UK's cripplingly high electricity costs."
Amid energy cricis and imbalanced trading, the company is forced to look for the alternative measures to reduce the loss.
With a storng currency of UK, comany is having a tough time to deal with the electricity costs which has pushed the steel mojor to the thoughts of reconstruction of the firm.
A proposal for job cut has been made to which the employees have okayed with an agreement on a pension scheme, previnting one of the biggest expected strikes.
The third largest steel supplier to the aerospace industry is striving hard to save its place in the European market.