Tata Steel set to confirm major job cuts - report

(Sharecast News) - Tata Steel is poised to announce thousands of job cuts at its Port Talbot plant in south Wales, it was reported on Wednesday. According to The Guardian and other media, the board of Tata Steel is thought to be meeting in India to finalise its decision, with workers in the UK likely to be updated later today.

In September, the UK government pledged to provide Tata Steel, part of Indian conglomerate Tata Group, with up to £500m to redevelop the steelworks. Tata will provide a further £750m.

The vast plant has two ageing coal-power blast furnaces and is the UK's largest single carbon emitter.

The money will be used to install cleaner electric arc furnaces, and will ensure the plant stays open. But unions have long feared that around 3,000 jobs could be lost at the site as result.

Tata employs around 8,000 people in the UK, 4,000 of which are based at Port Talbot. The steelworks are the region's biggest employer.

A Tata spokesperson said: "We hope to start a formal consultation with our employee representatives shortly.

"In these discussions, we will share more details about our proposals to transition to a decarbonised future for Tata Steel UK.

"We believe our £1.25bn proposal to transition to green steelmaking will secure the business for the longer term, bolster UK steel security and help develop a green ecosystem in the region.

"We are committed to meaningful information and consultation process with our trade union partners about these proposals, and will carefully consider any proposals put forward."