Monday, February 05, 2007

Steel job worries in South Wales

The new owners of Corus have said there is no guarantee the thousands of jobs in South West Wales are safe.Ratan Tata, chairman of Indian buyer Tata Group, said his plan was to make the company's UK operations more profitable.

Now thousands of steelworkers are anxiously awaiting what the future holds for them following the takeover.
Last week Corus, which employs 2,900 people at its Port Talbot site and 850 in Trostre, agreed to sell its operation to Tata Steel.
The Indian firm Tata offered 608 pence a share, valuing Corus at £5.75 billion, after going head to head with Brazil's CSN in a late-night bidding war.
Despite assurances given to Neath MP Peter Hain, speculation had been rife at the plant that the inflated price of the takeover could cause job losses.

Link to article thisissouthwales


I think that it was never realistic to expect job guarantees, some re-structuring is unavoidable. In the "longer term" it is clear that Tata will expand the slab production facilities in India. How long that will take may become clearer in the coming months, but, that it's impact upon  UK plants is inevitable.


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