TATA Steel bosses hit workers with a massive blow yesterday as they unveiled plans to axe over 700 jobs — just a day after unions had resolved a bitter pensions dispute.

The firm said that the 720 job losses, mainly cut from its Rotherham plant, were needed as the business had been underperforming due to increasing imports and higher energy costs, which are double of its European competitors.

Tata Steel’s European operations chief executive Karl Koehler said: “I realise how distressing this news will be for all those affected, but I am also extremely aware of our responsibility towards the ongoing survival of this business which will continue to employ about 1,500 people in South Yorkshire.”