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Tata Steel plans to sell UK plants Tata Steel plans to sell UK plants
(about 3 hours later)
Tata Steel plans to sell its loss-making UK business, the Indian company confirmed on Tuesday night. India's Tata Steel plans to sell its loss-making UK business, putting the jobs of thousands of workers at risk.
It has told its European holding company to "explore all options for restructuring", including the partial or entire sale of the UK operations. Its European holding company has been told to "explore all options for restructuring", including the partial or entire sale of its UK operations.
The move puts the jobs of thousands of UK workers at risk. Union leaders travelled to Mumbai in a bid to persuade Tata to keep making steel at plants including Port Talbot.
The Indian company held a board meeting in Mumbai on Tuesday at which it made the restructuring decision. The UK and Welsh governments said they are working "tirelessly" to ensure the future of the British steel industry.
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. Meanwhile, 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.
"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. 'Global oversupply'
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." Tata's restructuring decision, which was announced after a board meeting in Mumbai on Tuesday, will also affect workers its other UK plants including Rotherham, Corby and Shotton.
Tata said 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 operation," it said.
In a joint statement, 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 MP Stephen Kinnock, whose Aberavon constituency includes the Port Talbot plant, accompanied the union delegation to Mumbai.
He said: "The fact that Tata Steel in committed to continuing and to moving forward with the plant whilst looking for a buyer... is absolutely critical.
"There were various scenarios before we came out here... We are now a little bit clearer on which scenario we now have and it isn't certainly the worst case scenario."
Labour leader Jeremy Corbyn said: "Ministers must act now to protect the steel industry and the core of manufacturing in Britain."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. 'Dark day'
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. Unions expressed concern at the announcement and urged Tata and politicians to work at finding a buyer for the business.
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 the Community union, said the "worst fear" that Tata would announce plant closures had not been realised.
"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." It was, he added, "vitally important" the company acted as a "responsible seller of its businesses and provides sufficient time to find new ownership".
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." He said: "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 described Tata's decision as 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."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 competitionChinese 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. Tata Steel has been operating in the UK since 2007 when it bought Anglo-Dutch steelmaker Corus.
The company has blamed fierce competition from cheap Chinese imports, regulatory costs and the strong pound for losses at its UK steel business. In January the company 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.
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. And last October Tata Steel said nearly 1,200 jobs would go at plants in Scunthorpe and Lanarkshire.
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.
Other factors affecting the wider UK steel industry include relatively high energy prices and the extra cost of climate change policies.