{"id":2944,"date":"2020-01-07T00:52:59","date_gmt":"2020-01-07T00:52:59","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2020\/01\/07\/tata-steel-cant-keep-funding-losses-at-uks-loss-making-port-talbot-plant-n-chandrasekaran-chairman\/"},"modified":"2020-01-07T00:52:59","modified_gmt":"2020-01-07T00:52:59","slug":"tata-steel-cant-keep-funding-losses-at-uks-loss-making-port-talbot-plant-n-chandrasekaran-chairman","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2020\/01\/07\/tata-steel-cant-keep-funding-losses-at-uks-loss-making-port-talbot-plant-n-chandrasekaran-chairman\/","title":{"rendered":"Tata Steel &#8216;can&#8217;t keep funding losses&#8217; at UK&#8217;s loss-making Port Talbot plant: N Chandrasekaran, Chairman"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1814885\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2020\/01\/1-158.jpg\" alt=\"Tata Steel acquired the Anglo-Dutch steel-giant Corus in 2007 for 6.2 billion pounds.\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2020\/01\/1-158.jpg 660w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1814885\" src=\"https:\/\/images.financialexpress.com\/2020\/01\/1-158.jpg\" alt=\"Tata Steel acquired the Anglo-Dutch steel-giant Corus in 2007 for 6.2 billion pounds.\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/01\/1-158.jpg 660w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/01\/1-158-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">Tata Steel acquired the Anglo-Dutch steel-giant Corus in 2007 for 6.2 billion pounds.<\/span><\/figure>\n<\/div>\n<p>The chairman of the Tata group N Chandrasekaran has said the steel conglomerate cannot have a situation where India keeps funding the mounting losses at its struggling Port Talbot steelworks in the UK.<\/p>\n<p>He emphasised that the Port Talbot steelworks in Wales, one of the largest in Europe, needed to be \u201cself-sustaining\u201d in an interview with the Sunday Times.<\/p>\n<p>The head of the 84 billion-pound turnover conglomerate that also owns\u00a0British luxury automaker <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/auto\/new-cars\/jaguar\/\" rel=\"noopener noreferrer\">Jaguar<\/a> <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/auto\/new-cars\/landrover\/\" rel=\"noopener noreferrer\">Land Rover<\/a>, refused to commit to continuing to make UK steel, the report said.<\/p>\n<p>Chandrasekaran, 56, said, \u201cI need to get to a situation where at least the plant (Port Talbot) is self-sustaining.\u201d<\/p>\n<p>\u201cWhether it is in the Netherlands or here, we can\u2019t have a situation where India keeps funding the losses just to keep it going,\u201d he told the British newspaper.<\/p>\n<p><a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/tata-steel-ltd-stock-price\/\" rel=\"noopener noreferrer\">Tata Steel<\/a>\u2019s pre-tax losses were 371 million pounds last year, up from 222 million pounds in 2017-18. In November, Tata announced plans to cut 3,000 jobs across Europe.<\/p>\n<p>Just under half of Tata\u2019s 8,385-strong UK workforce are based in Port Talbot, the BBC reported on Sunday.<\/p>\n<p>Paul Evans, the Unite labour union\u2019s regional officer for Wales, said: \u201cThis interview just adds more pressure on the Tata workers at Port Talbot. The site is obviously key to the future of the other Tata plants in Wales.<\/p>\n<p>\u201cThe workforce at Port Talbot have for many years proved they are the producers of world class quality steel and Wales and the UK can\u2019t afford to lose the expertise and commitment they have shown over the years.\u201d<\/p>\n<p>A spokesman for Tata Steel\u2019s European operations said: \u201cWhat our chairman said in the interview has already been communicated to colleagues through our transformation programme.<\/p>\n<p>\u201cThat programme is about building a stronger and more sustainable European steel business by improving profitability so we can pay for investments necessary to secure our long-term future,\u201d the BBC report quoted the company spokesman as saying.<\/p>\n<p>\u201cThe plans include productivity improvements, reduced bureaucracy and increased sales of higher-value steels, as well as employment cost savings,\u201d he added.<\/p>\n<p>Tata has two large steelworks in Europe \u2013 Port Talbot, and one near Ijmuiden in the Netherlands, about 30km north-west of Amsterdam. Tata Steel acquired the Anglo-Dutch steel-giant Corus in 2007 for 6.2 billion pounds.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-2678196349\"><div id=\"jobbi-1353891877\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] Tata Steel acquired the Anglo-Dutch steel-giant Corus in 2007 for 6.2 billion pounds. The chairman of the Tata group N Chandrasekaran has said the steel conglomerate cannot have a situation where India keeps funding the mounting losses at its struggling Port Talbot steelworks in the UK. He emphasised that the Port Talbot steelworks in [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":2945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/2944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=2944"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/2944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/2945"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=2944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=2944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=2944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}