Tuesday, May 26, 2015 - 18:53
Tata Steel IJmuiden shows €344 million profit
The IJmuiden production arm of multinational firm Tata Steel made a profit of 344 million euros last year, according to the internal memo sourced by FD. The entire conglomerate, on the other hand, reported a loss. Because of the profit, the workers in IJmuiden will receive a 9.19 percent bonus on their yearly salaries, which is approximately equivalent to a one month's earnings. The company succeeded in increasing production in IJmuiden along with improving the quality of goods, according to the management. Simultaneously, the Tata's costs remained structurally low. The gain is not yet stable enough, but management argue the company is moving in the right direction. There are long-term programs in place to improve production at the facility. Tata Steel employs around 80,000 people globally. Out of those, 8000 people work for the IJmuiden facility. In the last five years, the conglomerate scrapped 1,500 thousand jobs in the city.