By Christian Moess Laursen
Tata Steel said it expects up to 2,800 employees will be affected by a restructuring of its U.K. business as it seeks to reverse more than a decade of losses and transition to a sustainable steel business from the legacy blast furnaces.
The Indian multinational steel-making company said Friday that around 2,500 roles would be affected in the next 18 months.
Under the reorganization, Tata Steel will invest 1.25 billion pounds ($1.59 billion) in electric arc furnace technology in Port Talbot in South Wales and asset upgrades “to secure long-term, high-quality production” at the U.K.’s largest steelmaker, it said.
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