Tata Steel share price surged by 6% during Friday’s trading session after the company revealed that its Dutch subsidiary, Tata Steel Nederland, launched an extensive transformation plan designed to boost its long-term competitiveness and speed up its transition to green steel.
The company has submitted an official Request for Advice to the Central Works Council in the Netherlands to begin discussions regarding the suggested changes, which include the elimination of roughly 1,600 management and support positions.
As per the filing, Tata Steel is dedicated to making its operations in the Netherlands one of the most competitive, successful, and efficient in Europe. To realize this goal, Tata Steel Nederland has implemented an extensive transformation program focused on a multi-faceted strategy that aims to enhance production efficiencies, reduce fixed costs, and optimize the mix of products and profit margins.
