Friday, 8 July 2016

Tata Steel Board meeting on UK steel operations starts

MUMBAI: The Board meeting to decide the fate of Tata SteelBSE 0.30 %'s UL operations started on Friday afternoon. A decision on the same is expected by Friday evening. ET had reported in their Friday edition that India's largest private steel maker Tata Steel is likely to put on hold its plan to sell
its steel business in the UK after Britain's vote to exit the European Union raised concerns about the viability of steel business. Sale of most of Tata Steel's UK business, including its largest plant at Port Talbot may be stalled. However, the plants making speciality steel in Hartlepool, Rotherham and Stocksbridge could be up for sale. Tata Steel has shortlisted three of the seven bids for its UK assets, as per reports. The company's loss-making unit is saddled with a huge liability of British Pension Scheme for its 1.4 lakh employees including the present and retired employees.

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