Steelmaking giant Tata Steel announced Monday it was scrapping 800 jobs at its under-pressure plant in The Netherlands to "improve market conditions and bring down costs."

"The steel market has been in dire straits for some time. In order to remain structurally competitive and profitable now and in the future, Tata Steel Netherlands is taking significant measures, including a reduction of 800 jobs in IJmuiden" near Amsterdam, the company said in a statement.