Tata Steel Europe announced the outcome of a sales process for non-core business units. Tata Steel has signed a sales and purchase agreement for Cogent Power Inc with Japanese steel giant JFE Shoji Trade Corporation. CPI manufactures cores for electrical distribution transformers and employs nearly 300 people. Buyers have already been found for Kalzip on 2nd October 2018 and Firsteel on Jue 4th 2019, helping to secure 275 jobs. Furthermore Tata Steel has decided to retain Surahammars Bruks AB, which makes advanced steels for electric vehicles and employs around 100 people. However, despite exploring all options, Tata Steel has been unable to find a way forward for Orb Electrical Steels and so proposes to close the site, with the potential loss of up to 380 jobs. In addition, Tata Steel has been unable to find a buyer for Wolverhampton Engineering Steels Service Centre, in the UK, and proposes to close it, potentially affecting up to 26 jobs, including a sales office in Bolton.
Henrik Adam, CEO of Tata Steel’s European operations, said “We have been able to secure the future for almost 400 colleagues in CPI and Surahammars Bruks. However, today’s proposal will be sad news for colleagues at Orb in South Wales. This is necessary, enabling us to focus our re