Indian Tata Steel announced that they will cut jobs across Britain as part of a restructuring plan.
The company will cut 580 jobs at its Port Talbot plant in south Wales and 12 steel finishing and processing sites in England and Wales.
Karl Koehler, the CEO of Tata Steel's European unit, said they are in a strategy to transform themselves into an "all-weather" steel producer which is capable of succeeding in difficult economic conditions.
The company reported earlier this month the second quarter loss of US$67 million, as weakening demand and prices in its main European market which accounts for around two third of its 28 million production capacity, offset the solid performance at home market.