Port Talbot deal on hold

THE owners of the beleaguered Port Talbot steel plant have put its sale on hold while they assess the impact of Britain’s European Union referendum.

Indian giant Tata is looking to pull out of the industry in Britain, which has suffered heavy losses due to a glut of cheap Chinese metal.

It was in talks over a deal on the Welsh plant before last week’s Brexit vote turned politics on its head. Bosses have now decided to put their plans on ‘pause’, sources told the Sunday Times.

Pressure for a quick sale has also eased following a jump in steel prices, which cut down on losses at the site.

Tata is now awaiting more information about a trade deal with the EU, and discussions are continuing over its £14bn of pension liabilities.

Potential buyers include commodities firm Liberty House and management buyout company Excalibur. However, it was already being speculated before the Brexit vote that Tata might hold onto the facility after all.