Tata Steel Uk Job Cuts

Around 1,500 Tata Steel workers in Port Talbot and Llanwern in Wales will begin an "all-out indefinite strike action" from July 8 to protest the company's "disastrous plans" to cut 2,800 jobs and close its blast furnaces.

Indian-owned Tata Steel is to cut up to 2,800 UK jobs, it announced Friday, as the industry transitions to greener production of the metal.

Tata Steel said on Friday it could close its major plant at Port Talbot in Wales unless it receives British government aid of 1.5 billion pounds ($1.8 billion) to help decarbonise production.

Tata put up five of its non-core businesses in Europe on sale in May 2018 as it looked to focus on its strip products business.

British Steel began operating the Scunthorpe plant after Tata Steel had sold the unit to investment group Greybull Capital for a token 1 pound in June last year.

Port Talbot and its down-stream businesses are believed to be back in profit but a long-term period of sustained profitability is required for any real turnaround.

The Tata Group firm is understood to have opened talks with the UK's Pension Protection Fund and the Pensions Regulator over an unorthodox restructuring deal, which would see a merger of its European arm with Germany's ThyssenKrupp, The Sunday Times claimed in its report.

British Steel has returned to profit by boosting efficiency after being hived off as a loss-making division from Tata Steel in April, executive chairman Roland Junck said on Thursday.

Tata Steel is set for what are believed to be crunch talks with trade union representatives of its UK steelworks to settle the deadlock over a 15-billion-pound pension scheme for its workers, the main obstacle in its merger with German rival ThyssenKrupp.

Several thousand steel workers at Thyssenkrupp on Wednesday protested management's plans for a merger of its European steel business with that of Tata Steel as well as possible site closures.

Management buyout group Excalibur, one of the bidders for Tata's British steelmaking business, intends to pursue plans to buy the assets, it said on Wednesday, despite Tata pausing the sale process to explore joint ventures.

Britain said on Monday that it could still take a stake in Tata Steel's largest assets, including the Port Talbot plant, or offer loans in order to find a buyer after the Indian steelmaker said it was pausing the sale.

Thyssenkrupp, Germany's biggest steelmaker, confirmed on Sunday that it is in talks with Tata Steel about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.

Liberty House Group plans to bid for two units of Tata Steel's British business - specialty steels and pipeline tubes - which operate independently of its Port Talbot plant and related assets that were put up for sale earlier this year, an industry source told Reuters.

The British government's offer of financial aid to potential buyers of Tata Steel's UK assets is still on the table, business minister Anna Soubry said on Wednesday, despite Britain's shock vote last month to leave the European Union.

Around 1,500 Tata Steel workers in Port Talbot and Llanwern in Wales will begin an "all-out indefinite strike action" from July 8 to protest the company's "disastrous plans" to cut 2,800 jobs and close its blast furnaces.

Indian-owned Tata Steel is to cut up to 2,800 UK jobs, it announced Friday, as the industry transitions to greener production of the metal.

Tata Steel said on Friday it could close its major plant at Port Talbot in Wales unless it receives British government aid of 1.5 billion pounds ($1.8 billion) to help decarbonise production.

Tata put up five of its non-core businesses in Europe on sale in May 2018 as it looked to focus on its strip products business.

British Steel began operating the Scunthorpe plant after Tata Steel had sold the unit to investment group Greybull Capital for a token 1 pound in June last year.

Port Talbot and its down-stream businesses are believed to be back in profit but a long-term period of sustained profitability is required for any real turnaround.

The Tata Group firm is understood to have opened talks with the UK's Pension Protection Fund and the Pensions Regulator over an unorthodox restructuring deal, which would see a merger of its European arm with Germany's ThyssenKrupp, The Sunday Times claimed in its report.

British Steel has returned to profit by boosting efficiency after being hived off as a loss-making division from Tata Steel in April, executive chairman Roland Junck said on Thursday.

Tata Steel is set for what are believed to be crunch talks with trade union representatives of its UK steelworks to settle the deadlock over a 15-billion-pound pension scheme for its workers, the main obstacle in its merger with German rival ThyssenKrupp.

Several thousand steel workers at Thyssenkrupp on Wednesday protested management's plans for a merger of its European steel business with that of Tata Steel as well as possible site closures.

Management buyout group Excalibur, one of the bidders for Tata's British steelmaking business, intends to pursue plans to buy the assets, it said on Wednesday, despite Tata pausing the sale process to explore joint ventures.

Britain said on Monday that it could still take a stake in Tata Steel's largest assets, including the Port Talbot plant, or offer loans in order to find a buyer after the Indian steelmaker said it was pausing the sale.

Thyssenkrupp, Germany's biggest steelmaker, confirmed on Sunday that it is in talks with Tata Steel about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.

Liberty House Group plans to bid for two units of Tata Steel's British business - specialty steels and pipeline tubes - which operate independently of its Port Talbot plant and related assets that were put up for sale earlier this year, an industry source told Reuters.

The British government's offer of financial aid to potential buyers of Tata Steel's UK assets is still on the table, business minister Anna Soubry said on Wednesday, despite Britain's shock vote last month to leave the European Union.