Multi-million loss for Tata Steel Europe which has major works in Scunthorpe
LOSSES have been incurred by Tata Steel Europe, which operates the Scunthorpe works, during the latest quarter of the financial year - due to a major drop in orders from the construction industry.
The company today (Wed February 13) reported a loss for its European operation of $78 million (dollars) between October and December last year, compared to an $8 million deficit in the previous quarter.
World-wide Tata Steel recorded a loss of $96 million for the first nine months of the 2012-13 financial year and at the same time the company’s net debt had soared to £10.54 billion (billion) by the end of December.
Tata Steel employs around 4,000 people in Scunthorpe.