BREAKING NEWS
New Credit Card Rules from September, 2024: Updates on FDs, Aadhaar etc. New Credit Card Rules from September, 2024: Updates... After CCI, NCLT gives green light to Viacom 18-Star India INR 70,000 Cr Merger After CCI, NCLT gives green light to Viacom... Sovereign Gold Bonds Vs. Physical Gold: Which Is the Ultimate Investment Strategy for You? Sovereign Gold Bonds Vs. Physical Gold: Which Is... Simple Energy Secures USD 20 Million to Supercharge E-Scooter Production and Transform EV Market Simple Energy Secures USD 20 Million to Supercharge... The Power of Systematic Transfer Plans (STP) Over SIPs for Smarter Wealth Growth: Know How to Maximize Your Wealth The Power of Systematic Transfer Plans (STP) Over... ITC to Invest INR 20,000 Crore in India’s Growth: New Products, Market Expansion and Strategic Innovation ITC to Invest INR 20,000 Crore in India’s... ONDC Surpasses 5.7 Lakh Sellers: Rapid Growth and Expanding Digital Commerce Network in India ONDC Surpasses 5.7 Lakh Sellers: Rapid Growth and... 71% Intraday Traders Lose Money And 76% Under 30 Face High Loss Rates: Check What Else This New Study By SEBI Says For FY23 71% Intraday Traders Lose Money And 76% Under... Special Packages to Boost Bihar and Andhra Pradesh: Check How Budget 2024 is Strengthening its Key Allies Special Packages to Boost Bihar and Andhra Pradesh:... Union Budget 2024: An INR 1.52 Lakh Crore Boost for Agriculture and Sustainable Farming Practices Union Budget 2024: An INR 1.52 Lakh Crore...

Tata Steel, UK Workers Announce First Strike In 40 Years: Job Cuts, Overtime And Know What More

From July 8, 2024, 1,500 Tata Steel workers in Wales will strike indefinitely. This strike will be for the job cuts and blast furnace closures. Unite the Union supports the strike. Tata Steel plans a GBP 1.25-billion investment in eco-friendly technology.

Advertisement
Tata Steel, UK Workers Announce First Strike In 40 Years: Job Cuts, Overtime And Know What More

Tata Steel, UK Workers Announce First Strike In 40 Years

Starting from July 8, 2024, 1500 Tata Steel workers in Port Talbot and Llanwern, Wales, have announced an indefinite strike. The main reason to call this strike is due to TISCO’s plan to cut 2800 jobs and close its blast furnaces. Unite the Union, who is representing the workers, stated that this is the first major strike by UK steelworkers in over 40 years.

Industrial Action

The announcement of the strike follows a series of industrial actions. Some of these include working to rule and an overtime ban initiated earlier this week. Unite the Union said that this strike will be a direct response to Tata Steel’s “disastrous plans” to reduce jobs and shut down major operations in the UK.

Also Read | Upcoming Dividend, Bonus and Stock Split: Which Companies have record dates set for this week?

Fight for the Community

Unite the Union’s general secretary, Sharon Graham, stated that the workers are not only fighting for their jobs but are also fighting for the future of their communities and the steel industry in Wales. She further stated that the strikes will continue until Tata Steel halts its plans. Unite fully supports the workers in their historic battle. They will save the Welsh steel industry and secure its future.

Political Support and Labour Party’s Pledge

The Opposition Labour Party has also called on Tata Steel to pause its plans until after the July 4 general election, urging for talks with the newly elected government. Labour has promised GBP 3 billion for UK steel if elected and has prioritized emergency talks with Tata Steel to address the issue.

Tata Steel’s Response

Tata Steel expressed its disappointment over the strike announcement. They also had been urging the union to suspend industrial action since a long time. TISCO revealed that the closure of two old blast furnaces is part of a GBP 1.25-billion investment. This investment is for the transition to an Electric Arc Furnace at the Port Talbot steelworks.

Future Plans and Environmental Impact

Since announcing the plan earlier this year, Tata Steel has engaged in seven months of discussions with UK trade unions about the transformation. TISCO assured that the new technology would preserve 5000 jobs and would also create additional indirect jobs in engineering and construction. This will significantly reduce CO2 emissions by 5 million tonnes annually.

Also Read | 2800% Surge In The Share Price of This Multi-Bagger Defence Stock: Check Why?

Commitment to Sustainable Operations

A Tata Steel spokesperson reiterated the company’s commitment to restructuring its UK operations. This is to sustain the business and transition to new technology. The spokesperson further said that they believe in a promising future. They want to provide high-quality and low-CO2 steels that our customers in the UK and overseas need.


About the Author 

Mr. Radhesh Tarang Shah is a third-year management student at the Institute of Management, Nirma University. He has a passion for writing articles and poems. He has experience as a financial analyst, author, news writer, marketer and social worker.

About the Author

Other Articles: 204

GMT News Desk

GMT News Desk

The proposed entity has its fair share of challenges ahead of it. The Indian media market is constantly changing, and the new entity will have to adapt accordingly. Besides that, it also faces stringent competition from other media giants like Netflix and Sony, which recently cancelled its own ambitious merger with Zee.

Similar News