Tata Steel says it's selling off its entire UK business

Britain's largest steelmaker has been facing heavy losses over the past few months and has fared weakly in the country for years.

Mar 30, 2016 · 08:20 am Updated Mar 30, 2016 · 10:24 am

Tata Steel says it's selling off its entire UK business — British Chancellor of the Exchequer George Osborne (L) speaks with with works manager Richard O'Neil (R) during a visit to Tata Steel in Port Talbot, Wales, on March 25, 2014, following his budget statement last week where he announced support for energy intensive manufacturing. Tata's Port Talbot factory is the largest steel plant in the UK, producing five million tonnes of steel annually and employs over 4,000 people. | AFP

Tata Steel on Wednesday indicated that it is likely to sell its entire business in the United Kingdom owing to heavy losses, nearly ten years after it entered the British market. The company is Britain's largest steelmaker, Reuters reported. Top executives from the firm met in Mumbai for a marathon board meeting and put out a statement saying its UK arm had fared poorly over the past few months and they would now "explore all options for portfolio restructuring, including the potential divestment of Tata Steel UK, in whole or in parts".

Tata Steel made its foray into the Britain in 2007, when it bought over Corus, an Anglo-Dutch company. Since then it has struggled to stay afloat and cut thousands of jobs in the face of a choppy market. The company is discussing the sale of its long products unit with the UK government and investment firm Greybull Capital, officials said.

According to The Guardian, the move could affect nearly 15,000 British workers. The British steel industry has been languishing for the past 12 months. Redcar steel plant, owned by Thai company SSI, closed late last year at the cost of 1,700 jobs.

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