Tata Steel lost £68 million during end of 2015
Tata Steel's European operations slumped to a £68 million loss in the last three months of 2015, underlining the growing crisis in the industry as the company axes more than 1,000 jobs in the UK.
Cuts at Port Talbot and Llawnwern have raised fears for jobs at the company's major Steelpark distribution centre in Wednesfield, where most of the company's 600 Black Country workers are employed.
Newly-released figures from the Indian-owned steel giant show losses soared as turnover in the last three months slumped 16 per cent to £1.64 billion compared to the same period a year ago.
Tata Steel's European chief executive Karl Koehler said: "Growing European steel demand continues to be undermined by a flood of imports.
"Chinese steel shipments into Europe leaped more than 50 per cent last year, while imports from Russia and South Korea jumped 25 per cent and 30 per cent respectively.
"The European steel association has identified that Chinese steel is being exported at prices below the cost of production.
This unfair trade is undercutting domestic producers.
"This perfect storm caused the deterioration of our financial performance in the last quarter and led to us announcing restructuring in the UK."
