Tata Steel puts its loss-making UK biz on block, 19,000 jobs at stake
NEW DELHI/ MUMBAI: Tata Steel has put up for sale its loss-making business in Britain, putting thousands of jobs at risk and potentially forcing the David Cameron government to seek a solution ahead of an EU referendum dominated by concerns about the economy.
Europe’s second-largest steelmaker, which employs 19,000 people across 14 sites in Britain, including the giant Port Talbot plant in Wales, made the announcement after a marathon board meeting in Mumbai on Tuesday night.
Workers’ unions welcomed the decision not to shutter the plants, but called on Tata to be a “responsible seller”. The UK government could buy the business until a new owner was found.
“Following the strategic view taken by Tata Steel board regarding the UK business, it has advised the board of its European holding company, Tata Steel Europe, to explore all options for portfolio restructuring, including the potential divestment of Tata Steel UK, in whole or in parts,” the company said in the statement.
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