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Tata Steel’s share price has dropped following the announcement that they are to cut up to 10,000 jobs in the UK.

The Indian-owned company has announced plans to cut up to 10,000 jobs across the UK and Europe as part of a £2.5 billion cost-cutting drive. The cuts will affect its European operations, including those in Port Talbot, South Wales. Tata Steel employs about 15,000 people in Wales and is one of the biggest employers in Port Talbot.

The company said it was looking at a range of options for its operations across Europe. It said it would look at “all opportunities” for Port Talbot and other sites but added that no decisions had been made yet.

“Tata Steel will now work with all stakeholders on the best way forward for our businesses in Europe,” it said.