Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Governments react as Tata moots UK sale

Palace of westminster 2by3 deffo 2by3

Ministers are considering “all viable options” after Indian-headquartered Tata Group mooted selling its UK steel business.

A joint statement from the UK and Welsh Governments said they were both working “tirelessly” to look at ways of keeping the British steel industry strong.

Tata Steel said it had advised the board of Tata Steel Europe to consider selling Tata Steel UK after the business suffered 12 months of plummeting fortunes.

A statement from Tata Steel said it had asked its European board “to explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts”.

The UK and Welsh governments said: “This is a difficult time for workers in Port Talbot and across the UK. During the review process, we remain committed to working with Tata and the unions on a long-term sustainable future for British steel making.

“Both the Welsh and UK governments are working tirelessly to look at all viable options to keep a strong British steel industry at the heart of our manufacturing base.”

Tata Steel said trading conditions in the UK and Europe had rapidly deteriorated due to factors including global oversupply of steel; significant increase in imports; high manufacturing costs; weakness in demand; and volatile currency.

“These factors are likely to continue into the future and have significantly impacted the long term competitive position of the UK operations in spite of several initiatives undertaken by the management and the workers of the business in recent years,” it added.


Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.

Related Jobs