Canadian Manufacturing

U.K. sends envoy to India in attempt to save Tata Steel jobs

Tata Steel says its losing US$1.4M per day at one plant and is looking to dispose of its U.K.-based specialty steel businesses

July 7, 2016   by The Associated Press

LONDON—Britain’s business secretary, Sajid Javid, is travelling to India to meet with Tata Steel executives amid reports that the Indian conglomerate is prepared to sell some of its U.K. plants.

Tata is looking to dispose of its specialty steel businesses in Hartlepool, Rotherham and Stocksbridge but has so far held off any decision on what to do with its plant in Port Talbot, in Wales.

Prime Minister David Cameron and the first minister of Wales, Carwyn Jones, agreed July 7 that “offers of support from the U.K. and Welsh Governments remain on the table.”

Tata has said it is losing 1 million pounds ($1.4 million) a day at Port Talbot amid high costs and a glut of cheap Chinese steel in global markets