Reply #54: Tata Steel to cut 1,500 jobs at England's Scunthorpe plant

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http://www.moneycontrol.com/news/business/tata-steel-to-cut-1500-jobs-at-england39s-scunthorpe-plant_545219.html

Tata Steel plans to cut around 1,500 jobs at its Scunthorpe plant and Teesside sites in Northeastern England after its long products business continued to make losses for the last two years, the company said in a press release Friday.

Tata's England-based long products business produces bars, rods and rails -- mostly for the construction sector.

"The long products business as a whole has continued to make losses over the last two years. The decline in some major markets, particularly the construction sector, has been a key factor," said Tata Steel's managing director and chief exeuctive, Karl-Ulrich Köhler in the press release.

"Demand for structural steel in the UK is only two-thirds of the 2007 level and is not expected to fully recover within the next years," he added.