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Nearly 450 jobs are to be lost at Lord Swraj Paul’s Caparo Industries, the British company which has gone into part administration.
Cuts had been expected following the announcement earlier this month by administrators PricewaterhouseCoopers, that 16 businesses within Caparo Industries, the London-headquartered steel company, would be entering administration.
The decision was made following a detailed review of businesses, based in the Midlands. Job cuts will happen across a number of sites — the largest of which is Darlaston, where 122 jobs will be lost. “It is with regret that we have made these decisions today, but the commercial prospects of the affected businesses render them unviable,” said Matt Hammond, the PwC partner involved.
More than 1,200 people remain within the company. The job losses take the total cuts announced within Britain’s beleaguered steel industry to around 3,500 this year alone. Unions reiterated the need for the government to adopt a more active industrial strategy. “The failure of the government to intervene to support the steel industry, and develop an active industrial strategy is leaving the industry on the brink,” said Tony Burke of the Unite union.
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