Signs of improvement in Tata Steel's European business.

NEW DELHI: The European business of Tata Steel is showing signs of the recent weaknesses have been stemmed, according to Moody's Investors Service report. 



"Tata Steel's half year results ended September 30, 2013 demonstrate signs of improvement in its European business, which has been the main driver of recent ratings pressures. The ratings of Tata Steel (TSL Ba3) and Tata Steel UK Holdings (TSUKH B3) both carry negative outlooks," the report said. 





In its efforts to further "restructure its UK business, TSUKH expects to reduce headcount by around 500 by end of March 2014," it added. 


ast month, Tata Steel Europe had announced major restructuring proposals to boost its competitiveness that could lead to the loss of around 500 jobs in the UK. 

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e proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington. 


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