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In a late evening announcement, Tata Steel has said that it is investing €800 million (Rs 5,200 crore) at its IJmuiden plant in the Netherlands over a five-year period.
The long-term investment is for an improvement programme, which will focus on enhancing product quality, improving plant reliability and reducing costs.
After the investment, the plant's annual capacity will rise to 7.7 million liquid steel by 2015-16, from 7.2 million.
Fewer jobs
The total number of full-time jobs will reduce by 1,000 over the next four years. There will also be investment of staff training and development and enable the plant to meet the demand of the current complex market situation, a company statement said.
“The IJmuiden works enjoys the great advantages of an ideal location – with its own port for bringing in raw materials and close proximity to the market – excellent lay-out, an ability to be flexible in the use of raw materials, and a high level of technology and craftsmanship,” said Dr Karl-Ulrich Köhler, MD & CEO, Tata Steel Europe.
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