Tata Steel plans to cut back at least 170 million euros in the Netherlands, NH News reports on Monday based on a memo from its staff. The works council fears for 2,500 jobs because of the cutbacks in the factory in Velsen, which is a quarter of all jobs.

The steel company is cutting costs across Europe for a total of 830 million euros.

A specific amount is not mentioned, according to NH News for the Netherlands, but mention is made of reducing staff costs by 170 million euros. The total amount of spending cuts in the Netherlands may therefore be even higher.

The central works council calls the announced cuts "disproportionate", because it would not be necessary financially for the Dutch branch.