Operations include plant in Port Talbot employing 4,000 staff
Tata has put its loss-making UK steel operations up for sale after a crunch board meeting in Mumbai yesterday.
Tata’s UK businesses include a steel making plant in Port Talbot employing 4,000 staff.
Tata said it would “explore all options for portfolio restructuring, including the potential divestment of Tata Steel UK, in whole or in parts”.
The firm said: “Given the severity of the funding requirement in the foreseeable future, the Tata Steel Europe Board will be advised to evaluate and implement the most feasible option in a time-bound manner.”
A joint statement from 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.”