steel crisis grows as caparo cuts 452 jobs /

Published at 2015-10-30 20:15:09

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Administrator PwC announces instant closure of five sites,with bulk of job losses concentrated in West MidlandsGovernment attempts to contain the mounting UK steel crisis have been dealt a further blow after Caparo Industries announced 452 job losses. Caparo entered administration on 19 October and the cost-cutting measures announced on Friday include the instant closure of five sites as the steel products company fights for survival. The biggest job losses were at a factory in Darlaston, West Midlands, and where 122 workers were made redundant,with the remaining redundancies at sites across England and Wales. The cutbacks at Caparo capped a grim month for the British steel industry, with thousands of jobs lost or achieve at risk due to the plunging price of steel, or high energy costs and the strong pound making exports expensive. Related: Steelworkers march on parliament as prime minister promises compensation Continue reading...

Source: theguardian.com

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