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Tata Steel to invest $1.1 bn in Netherlands plant

Tata Steel to invest $1.1 bn in Netherlands plant
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First Published: Thu, Sep 15 2011. 10 08 AM IST
Updated: Thu, Sep 15 2011. 10 08 AM IST
Mumbai: India’s Tata Steel, the world’s No. 7 steelmaker, said it plans to invest about €800 million ($1.1 billion) over a five-year period in its Netherlands plant to improve production and quality.
The IJmuiden steelplant’s annual capacity will rise to 7.7 million tons of liquid steel by 2015-16 from 7.2 million as a result of the fresh investment, the company said in a statement late on Wednesday.
Tata Steel said full-time jobs at the plant will be reduced by about 1,000 in four years as part of its drive to reduce costs.
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First Published: Thu, Sep 15 2011. 10 08 AM IST