UK minister Sajid Javid (in pic) will hold talks with Tata Chairman Cyrus Mistry to discuss details of the sales process for the firm's UK steel operations as British government seeks to find a solution to the steel crisis.
Highlights
- Tata Steel plans to sell its loss-making UK businesses
- Tata directly employs 15,000 workers in the UK
- Competition from China among factors to blame for steel industry crisis
UK business secretary Sajid Javid is set to meet Tata Steel's chairman Cyrus Mistry in relation to the group's plans to exit the UK steel industry.
Mr Javid will hold talks with Mr Mistry to discuss details of the sales process for the firm's UK steel operations as British government seeks to find a solution to the steel crisis.
The news came as steel unions in the country called on Prime Minister David Cameron to personally intervene in the ongoing emergency talks in London to save Britain's steel industry from collapse.
Mr Javid also met senior executives from Tata Steel. "Just held a productive meeting with senior Tata executives to discuss UK steel sales process. Progress is being made," he tweeted.
Mr Javid also said that he will be travelling to Mumbai to discuss the details with Tata Chairman Cyrus Mistry.
"I will travel to Mumbai later tomorrow to discuss details of the UK steel sales process with Tata Chairman Cyrus Mistry," he tweeted.
Tata Steel announced last week it was selling its loss-making UK businesses and would close its plant at Port Talbot unless a buyer is found.
The company directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby, and Shotton.
Britain's steel industry has been thrown into crisis by a combination of cheap imports from China, falling global demand, high energy prices and a tougher tax regime than many rival nations.