Tata Steel puts its loss-mak­ing UK biz on block, 19,000 jobs at stake

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dents letters@hin­dus­tan­times.com

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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