Tata Steel In Britain

Britain is to pump 500 million pounds ($621 million) into Tata Steel to decarbonise its Welsh site, in a deal aimed at securing the future of the country's steel industry but which puts as many as 3,000 jobs at risk.

Tata Steel, Britain's largest steelmaker, is in talks with stakeholders about spinning off its British Steel Pension Scheme (BSPS) into a standalone entity and cutting benefits for all 130,000 members.

Tata Steel and Thyssenkrupp are looking at reducing the size of Britain's largest steel plant in Port Talbot, Wales, industry sources said, as the two firms press ahead with plans to merge their European steel operations and deal with the overcapacity afflicting the industry.

Prime Minister Theresa May, on a visit to India to drum up trade after Britain voted to quit the European Union, said she's been unable to arrange a meeting with senior figures at Tata Sons Ltd. amid uncertainty over the company's plans for its steel plants in the U.K.

Britain's new business and energy minister Greg Clark, who was in India for a brief visit earlier this week, held secret talks with Tata Group chairman Cyrus Mistry over the future of Tata Steel's UK business, according to a media report.

Britain said on Monday that it could still take a stake in Tata Steel's largest assets, including the Port Talbot plant, or offer loans in order to find a buyer after the Indian steelmaker said it was pausing the sale.

Tata Steel shares slumped over 5 per cent on Thursday amid a media report that India's biggest steel producer will delay the sale of its Port Talbot plant in the UK. The Port Talbot steel plant - Britain's biggest - has been making losses, forcing Tata Steel to put it up on sale earlier this year.

Tata Steel will announce the sale of some of its speciality businesses in Britain but further delay a decision on the future of its Port Talbot plant, which it put up for sale earlier this year, the BBC reported.

Carmakers in Britain are making plans to get more steel from continental Europe, putting pressure on Tata Steel to secure a sale of its troubled UK plants before it loses customers.

Tata Steel has received a number of serious offers for its businesses in Britain, Prime Minister David Cameron said on Wednesday as steel workers marched past Downing Street to put pressure on the government to get a deal.

Britain's Business Secretary Sajid Javid met Tata Steel bosses in Mumbai ahead of a crunch board meeting on Wednesday expected to discuss potential buyers for its loss-making UK assets.

Undeterred by the trouble facing its steel operations in Britain, Tata Group on Wednesday said the strategy to globalise is not impacted by this development and that the company will continue to develop international presence.

The British government will probably have to do more to help Tata Steel to find a buyer for its steel plants in the country, Bimlendra Jha, the chief executive of Tata Steel UK said on Thursday.

Securing the sale of Tata Steel's businesses in Britain is a difficult process and Prime Minister David Cameron is trying to be as realistic as possible about saving the plants, his spokesman said on Wednesday.

Britain said on Thursday it could take an equity stake of up to 25 per cent in Tata's UK steel assets or provide hundreds of millions of pounds worth of debt financing to help support a potential buyer.

Britain is to pump 500 million pounds ($621 million) into Tata Steel to decarbonise its Welsh site, in a deal aimed at securing the future of the country's steel industry but which puts as many as 3,000 jobs at risk.

Tata Steel, Britain's largest steelmaker, is in talks with stakeholders about spinning off its British Steel Pension Scheme (BSPS) into a standalone entity and cutting benefits for all 130,000 members.

Tata Steel and Thyssenkrupp are looking at reducing the size of Britain's largest steel plant in Port Talbot, Wales, industry sources said, as the two firms press ahead with plans to merge their European steel operations and deal with the overcapacity afflicting the industry.

Prime Minister Theresa May, on a visit to India to drum up trade after Britain voted to quit the European Union, said she's been unable to arrange a meeting with senior figures at Tata Sons Ltd. amid uncertainty over the company's plans for its steel plants in the U.K.

Britain's new business and energy minister Greg Clark, who was in India for a brief visit earlier this week, held secret talks with Tata Group chairman Cyrus Mistry over the future of Tata Steel's UK business, according to a media report.

Britain said on Monday that it could still take a stake in Tata Steel's largest assets, including the Port Talbot plant, or offer loans in order to find a buyer after the Indian steelmaker said it was pausing the sale.

Tata Steel shares slumped over 5 per cent on Thursday amid a media report that India's biggest steel producer will delay the sale of its Port Talbot plant in the UK. The Port Talbot steel plant - Britain's biggest - has been making losses, forcing Tata Steel to put it up on sale earlier this year.

Tata Steel will announce the sale of some of its speciality businesses in Britain but further delay a decision on the future of its Port Talbot plant, which it put up for sale earlier this year, the BBC reported.

Carmakers in Britain are making plans to get more steel from continental Europe, putting pressure on Tata Steel to secure a sale of its troubled UK plants before it loses customers.

Tata Steel has received a number of serious offers for its businesses in Britain, Prime Minister David Cameron said on Wednesday as steel workers marched past Downing Street to put pressure on the government to get a deal.

Britain's Business Secretary Sajid Javid met Tata Steel bosses in Mumbai ahead of a crunch board meeting on Wednesday expected to discuss potential buyers for its loss-making UK assets.

Undeterred by the trouble facing its steel operations in Britain, Tata Group on Wednesday said the strategy to globalise is not impacted by this development and that the company will continue to develop international presence.

The British government will probably have to do more to help Tata Steel to find a buyer for its steel plants in the country, Bimlendra Jha, the chief executive of Tata Steel UK said on Thursday.

Securing the sale of Tata Steel's businesses in Britain is a difficult process and Prime Minister David Cameron is trying to be as realistic as possible about saving the plants, his spokesman said on Wednesday.

Britain said on Thursday it could take an equity stake of up to 25 per cent in Tata's UK steel assets or provide hundreds of millions of pounds worth of debt financing to help support a potential buyer.