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| Tata Steel plans to sell loss-making UK plants | |
| (about 3 hours later) | |
| India's Tata Steel plans to sell its loss-making UK business, putting the jobs of thousands of workers at risk. | India's Tata Steel plans to sell its loss-making UK business, putting the jobs of thousands of workers at risk. |
| Its European holding company has been told to "explore all options for restructuring", including the partial or entire sale of its 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. |
| Union leaders travelled to Mumbai in a bid to persuade Tata to keep making steel at plants including Port Talbot. | Union leaders travelled to Mumbai in a bid to persuade Tata to keep making steel at plants including Port Talbot. |
| The UK and Welsh governments said they were working "tirelessly" to ensure the future of the British steel industry. | |
| 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. | 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. |
| What's going wrong with Britain's steel industry? | |
| Tata's restructuring decision, which was announced after a board meeting in Mumbai on Tuesday, will also affect workers at 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. | 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. | "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. | 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." | "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. | 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 is 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." | "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." |
| 'Dark day' | 'Dark day' |
| Unions expressed concern at the announcement and urged Tata and politicians to work at finding a buyer for the business. | 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 steelworkers' union Community, said the "worst fear" that Tata would announce plant closures had not been realised. | |
| It was, he added, "vitally important" the company acted as a "responsible seller of its businesses and provides sufficient time to find new ownership". | It was, he added, "vitally important" the company acted as a "responsible seller of its businesses and provides sufficient time to find new ownership". |
| 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." | 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 competition | Chinese competition |
| Tata Steel has been operating in the UK since 2007 when it bought Anglo-Dutch steelmaker Corus. | Tata Steel has been operating in the UK since 2007 when it bought Anglo-Dutch steelmaker Corus. |
| 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. | 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. |
| And last October Tata Steel said nearly 1,200 jobs would go at plants in Scunthorpe and Lanarkshire. | 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. | Other factors affecting the wider UK steel industry include relatively high energy prices and the extra cost of climate change policies. |
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