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| Version 4 | Version 5 |
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| Tata Steel plans to sell UK plants | Tata Steel plans to sell UK plants |
| (about 1 hour later) | |
| Tata Steel plans to sell its loss-making UK business, the Indian company confirmed on Tuesday night. | Tata Steel plans to sell its loss-making UK business, the Indian company confirmed on Tuesday night. |
| It has told its European holding company to "explore all options for restructuring", including the partial or entire sale of the UK operations. | It has told its European holding company to "explore all options for restructuring", including the partial or entire sale of the UK operations. |
| The move puts the jobs of thousands of UK workers at risk. | The move puts the jobs of thousands of UK workers at risk. |
| The Indian company held a board meeting in Mumbai on Tuesday at which it made the restructuring decision. | |
| Tata said that trading conditions had "rapidly deteriorated" in the UK and Europe due to a global oversupply of steel, imports into Europe, high costs and currency volatility. | |
| "These factors are likely to continue into the future and have significantly impacted the long-term competitive position of the UK operations," the statement read. | |
| A joint statement from the UK and Welsh governments said: "We remain committed to working with Tata and the unions on a long-term sustainable future for British steel-making. Both the UK and Welsh governments are working tirelessly to look at all viable options to keep a strong British steel industry at the heart of our manufacturing base." | |
| Labour leader Jeremy Corbyn said: "Ministers must act now to protect the steel industry and the core of manufacturing in Britain." | |
| Plaid Cymru leader Leanne Wood said that her party wanted the Welsh Assembly to be recalled to discuss the crisis - a call that was echoed by Welsh Conservatives leader Andrew Davies. | |
| Union leaders had travelled to India in a bid to persuade Tata to keep making steel at Port Talbot and other plants including Rotherham and Corby. | Union leaders had travelled to India 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. | 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." | "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." |
| 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." | 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 the news was "absolutely devastating", adding: "Tata has let the whole of the UK steel industry down." | |
| Chinese competition | Chinese competition |
| In January Tata announced more than 1,000 UK job cuts, including 750 in Port Talbot, where it employs 4,000 staff and a further 3,000 contractors and temporary workers. | |
| The company 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. |