Third largest steel company in Europe, said in the Financial Times misunderstood her message when she talked to a reporter about the upcoming restructuring of the business.
“It's not just about addressing costs, it's addressing value. We are working hard on our plans to be operationally cash positive.. it's a fundamental change.” – Henrik Adam, CEO of @tatasteeleurope https://t.co/4fmg82Wn8d
— Tata Steel in Europe (@TataSteelEurope) November 18, 2019
"It is not so much about reducing costs as profitability. We are working diligently to ensure that our operational plans has been positive in terms of money ... this is a fundamental change," - commented in the official Twitter of the company, Henrik Adam, CEO of Tata Steel Europe.
Previously coalsalesthat according to the Financial Times, the European business of Tata Steel intends to reduce its costs by 150 million pounds, including through massive layoffs.
in addition, the company will try to save on the purchase of raw materials and focus on selling steel bars.
news about the planned restructuring appeared two weeks after the European Association of steel manufacturers Eurofer said to reduce the European apparent steel consumption this year by 3.1% to 158 million tonnes, the biggest fall since 2012, the adjustment is expected not earlier than 2020.
Also reported that despite a possible reduction in the number of factories, the company will still reserve the metallurgical plant and the Port Talbot.
S&P Global Ratings on Friday downgraded Tata Steel Group to stable from positive on the backdrop of lower steel prices, citing the "much higher" leverage of the company than its global and regional counterparts.
