New Delhi: Tata Steel, Indian steel conglomerate, is going to close down its plant in the southern Welsh city of Newport in the United Kingdom due to which nearly 400 jobs could be lost.
The steel giant announced on Monday that while it is selling Canadian and Swedish plants, the company, despite exploring all options, has not been able to find a way forward for the Welsh plant.
Substantial losses at Orb Electrical Steels have made it unsustainable while the European steel industry is facing considerable challenges. “There was no prospect of returning the Orb business to profitability in the coming years,” said Henrik Adam, CEO of Tata Steel’s European operations.
