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Tata Steel to cut up to 2,800 UK jobs
Tata Steel said on Friday it will close its two blast furnaces in Britain by the end of this year, resulting in up to 2,800 workers potentially losing their jobs at its steelworks plant in Wales. The closures are part of India-owned Tata Steel's plan to turnaround its loss-making UK steelmaking business by switching to lower carbon electric arc furnaces, a proposal backed by 500 million pounds of government money. Tata Steel said it would start a consultation process as part of its restructuring plan. It said that about 2,500 roles were likely to be impacted in the next 18 months, with 2,800 jobs affected overall and ... (full story)