Tata to offload loss-making UK steel business
Tata Steel is looking for a buyer for its UK steel business, which includes the UK’s biggest steel plant at Port Talbot where 4,000 people are employed, as well as its operations at Shotton, Rotherham and Corby. Tata says that supporting its UK business has lost it more than £2bn over the last five years. The UK Government is in discussions with the company over the future of the Port Talbot plant and says that it is considering ‘all options’. Tata blames the present situation on the global oversupply of steel, the significant increase in steel imports into Europe, high manufacturing costs, continued weakness in domestic market demand for steel and a volatile currency. The company says that all these factors are likely to continue into the future.