Tata Steel Limited has decided to cancel the sale of its Port Talbot-based assets in the United Kingdom following post Brexit uncertainty. The board of directors of the company will now seek joint ventures with leading international steel makers for its European business, reported Livemint. The steel major is already in talks with Germany’s biggest steelmaker, ThyssenKrupp.
“The bids have been reviewed in light of the uncertainties caused by the UK referendum and the outcome of the UK government’s consultation on the British Steel Pension Scheme,” said a statement issued by Tata Steel on Friday. The company made its announcement after it reportedly screened 200 potential investors for the sale of its loss-making UK-based operations. On March 30, the company had started the process of selling major assets in Britain, where it has 15,000 workers, to cut losses by 10 million euros.
However, Tata Steel will begin the sale of its South Yorkshire-based Speciality Steels business and Hartlepool Pipe Mills. The Liberty House Group will bid for the two, Reuters reported.