Tata Said to Plan Sale of U.K. Steel Operations, Sky Reportsby
Tata Steel Ltd., the metal-producing arm of India’s biggest conglomerate, is pursuing a sale of its assets in the U.K., Sky News reported, citing unidentified sources.
In January, Tata announced it would cut 1,050 jobs in the U.K. as the country’s industry shrinks amid swelling imports and high energy costs.
Tata’s plants are among European mills battling a flood of cheap exports from China, producer of about half the world’s steel, as Chinese producers respond to weakening local demand by selling cheaply overseas.
Representatives of Tata Steel didn’t immediately respond to e-mailed requests for comment on the report.
In February, Tata Steel reported a fiscal third-quarter loss of 21.3 billion rupees ($320 million), versus a profit of 1.57 billion rupees a year earlier, as rising imports of the alloy pressured prices and a global glut hurt its European operations.