£3BN PROFIT OF JOB CULL STEEL GIANT

Redundancy hell despite Tata's big bucks globally

- GRAHAM HISCOTT

THE mega-rich parent company of Tata Steel in the UK raked in roughly £ 3 billion of global profits last year.

Indian-owned Tata Steel UK last week confirmed devastating plans to axe up to 2,800 British jobs.

Most will go at its Port Talbot plant in South Wales with the closure of its two blast furnaces this year.

The Government is handing Tata £ 500 million of taxpayers' money to help pay for a new electric arc furnace at the site, but it is not due to be completed until 2027 and will need far fewer workers.

Tata complained that it was losing nearly £1.5m a day in the UK.