Cameron urges Tata to sell whole of its steel business | Reuters

LONDON Prime Minister David Cameron told the management of Tata Steel on Tuesday that any sale of its remaining British assets would have to cover the whole of its business and be given sufficient time to take place. Cameron was visiting a steel works in the Welsh town of Port Talbot, the focus of his government's efforts to make sure Tata's sale of loss-making plants does not leave thousands unemployed just before a referendum on EU membership.

Reuters April 26, 2016 21:48:47 IST
Cameron urges Tata to sell whole of its steel business
| Reuters

Cameron urges Tata to sell whole of its steel business
 Reuters

LONDON Prime Minister David Cameron told the management of Tata Steel on Tuesday that any sale of its remaining British assets would have to cover the whole of its business and be given sufficient time to take place.

Cameron was visiting a steel works in the Welsh town of Port Talbot, the focus of his government's efforts to make sure Tata's sale of loss-making plants does not leave thousands unemployed just before a referendum on EU membership.

Tata group announced plans to quit its entire British steel operation last month, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.

Cameron's spokeswoman said the prime minister wanted to see for himself what the situation was at Port Talbot and toured the site to see the control room of the blast furnace and the finishing lines.

"He then ... had a roundtable discussion with senior management from Tata and the (trade) unions. That was largely focused on the action the government has taken to support the steel sector," the spokeswoman told reporters.

"The prime minister underlined our commitment to working with Tata to support the future of steel-making in Port Talbot, emphasised the need for the Tata sales process to cover the whole business, (and) for there to be sufficient time for that process to run."

Tata said last week it was "committed to seeking all credible options in an urgent manner".

The government has said it is willing to take a 25 percent equity stake in any rescue of Tata Steel's operations and that at least two potential buyers have shown interest.

The government says its efforts to save the business is not linked to the EU referendum on June 23, but those campaigning to leave the bloc have seized on the crisis.

They have accused the EU of not doing enough to stop Chinese imports and have blamed the bloc's rules on state aid for preventing government intervention.

(Reporting by Elizabeth Piper; editing by Stephen Addison)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Canada confirms its first sexually transmitted Zika case| Reuters
Fwire

Canada confirms its first sexually transmitted Zika case| Reuters

WINNIPEG, Manitoba An Ontario resident is Canada's first confirmed case of a Zika virus infection that was contracted locally through sex, health officials said on Monday.

Toshiba to replace CEO Muromachi as early as June - Sankei 
| Reuters
Fwire

Toshiba to replace CEO Muromachi as early as June - Sankei | Reuters

TOKYO Toshiba Corp's ( 6502.T ) nomination committee is due to meet on Wednesday to discuss the selection of a successor for Chief Executive Masashi Muromachi, who has expressed a desire to step down as early as June, the Sankei newspaper reported. His successor is expected to be one of Toshiba's three senior executive vice presidents, with Yasuo Naruke, who heads the core chip business, the likely front-runner, the daily said, without citing its sources. Toshiba said it had no immediate comment.

Wall Street flirts with record high levels as companies report
| Reuters
Fwire

Wall Street flirts with record high levels as companies report | Reuters

Wall Street ended less than 2 percent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports. Driven 15 percent higher since mid-February by a recovery in weak oil prices and helped by a softer dollar, the S&P 500 stood less than 30 points below last May's all-time peak.