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Tata Steel 'to sell UK business' | Tata Steel 'to sell UK business' |
(35 minutes later) | |
Steel giant Tata is expected to put its loss-making UK business up for sale, union sources say. | |
The decision puts the jobs of thousands of UK workers in doubt. | The decision puts the jobs of thousands of UK workers in doubt. |
The Indian company held a board meeting in Mumbai on Tuesday at which the decision was made to sell its UK steel operations. | The Indian company held a board meeting in Mumbai on Tuesday at which the decision was made to sell its UK steel operations. |
Union leaders had travelled to Mumbai in a bid to persuade Tata to keep making steel at Port Talbot and other plants including Rotherham and Corby. | |
Roy Rickhuss, general secretary of Community, said: "Our worst fear that Tata would announce plant closures today has not been realised ... It is vitally important that Tata is a responsible seller of its businesses and provides sufficient time to find new ownership. | |
"There is also a crucial role for both the Welsh and UK governments to do all they can to ensure a future for Tata's remaining UK steel businesses and to provide every assistance to secure a buyer that will continue steel making." | |
Labour leader Jeremy Corbyn said he was "deeply concerned" and called on the government to intervene: "Ministers must act now to protect the steel industry and the core of manufacturing in Britain." | |
Plaid Cymru leader Leanne Wood tweeted: "If reports from Mumbai are true, it's devastating. @Plaid-Cymru wants Assembly recall. All must work together now to save our steel industry." | Plaid Cymru leader Leanne Wood tweeted: "If reports from Mumbai are true, it's devastating. @Plaid-Cymru wants Assembly recall. All must work together now to save our steel industry." |
Welsh Conservatives leader Andrew Davies also said the Welsh Assembly, which is in recess, should be recalled to discuss the crisis. | |
"We want a detailed plan of action to find buyers and build confidence in potential investors in UK steel," he said. | |
Len McCluskey, general secretary of the Unite union, said: "This is a very dark day for the proud communities and a proud industry which is now on the verge of extinction in this country." | |
Dave Hulse, national officer of the GMB union, said: "This is absolutely devastating news for all our members, their families and the local communities. Tata has let the whole of the UK steel industry down." | |
Tata has blamed fierce competition from cheap Chinese imports, regulatory costs and the strong pound for losses at its UK steel business. | Tata has blamed fierce competition from cheap Chinese imports, regulatory costs and the strong pound for losses at its UK steel business. |
Other factors affecting the wider UK steel industry include relatively high energy prices and the extra cost of climate change policies, as well as competition from China. | Other factors affecting the wider UK steel industry include relatively high energy prices and the extra cost of climate change policies, as well as competition from China. |
There have been allegations that Chinese steel is being "dumped" on world markets at prices that UK plants cannot hope to compete with. | There have been allegations that Chinese steel is being "dumped" on world markets at prices that UK plants cannot hope to compete with. |
At the same time China's economy has remained sluggish, meaning that the demand for steel from its construction sector is now weaker. | At the same time China's economy has remained sluggish, meaning that the demand for steel from its construction sector is now weaker. |