TATA TO CUT 3000 JOBS - LAYOFF DUE TO COST-CUTTING MEASURES

Tata Steels on Monday unveiled plans to restructure and cut cost for its Europe business to stop the profit decline, reports Economic Times.

The exact number is yet to be confirmed but according to sources it could be up to 3,000. The company said the changes were mandatory to make sure the business thrives.

"Today we are highlighting important proposals towards building a financially strong and sustainable European business,” said the CEO of Tata Steel in Europe on Monday.

The programme focuses on increasing sales of high-value steel, efficiency gain and lowering employment costs. Economic Times further reports that about two-thirds of the white-collar jobs is expected to be reduced.