Tata Steel Netherlands, the Dutch arm of the global steel manufacturer, has reported a significant financial setback, with a loss of €556 million in the fiscal year ending in March. This starkly contrasts with the €352 million profit recorded in the previous year.
CEO Hans van den Berg attributes the substantial loss to the soaring costs of energy and raw materials, coupled with delays in several projects. To address these challenges, the company is implementing a reorganisation plan, which includes reducing its workforce by 580 positions, primarily in management and support roles.
Despite the financial difficulties, Tata Steel Netherlands remains committed to its sustainability strategy. The company has invested €300 million in initiatives aimed at reducing CO2 emissions, noise pollution, and unpleasant odours. These efforts are crucial, as the company is considered the largest emitter of CO2 in the Netherlands.
The company expresses confidence in receiving government support for its sustainability plans, which aim to achieve a 40% reduction in CO2 emissions by 2030. Tata Steel Netherlands believes that these investments in sustainability are essential for its long-term competitiveness and environmental responsibility.
