London : Britain’s largest steelmaker, Tata Steel said it is planning to cut up to 720 jobs at its plant in northern England as it revamps its speciality and bar business to refocus more on high value segments like aerospace to come out of the red.

Most of the jobs will go from its steel bar-making plant in Rotherham, South Yorkshire, which has been underperforming owing to cheap imports and high electricity prices in Britain, and around 35 will be cut from its West Midlands plant by March 2016.

The announcement comes a day after Tata Steel, Europe’s second-largest steelmaker, settled its UK arm’s pensions dispute with trade unions that brought the firm to the brink of the biggest industrial dispute there in over three decades. Shares of Tata Steel ended up 0.14% at Rs 280.80 on the NSE.

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