Tata Steel to sell entire UK operation - BBC | Reuters

Tata Steel to sell entire UK operation - BBC
| Reuters

Britain's largest steelmaker Tata Steel Ltd (TISC.NS) is expected to announce the sale of its entire UK business, BBC reported citing union sources.

Tata Steel's decision was made at Tuesday's board meeting in Mumbai, BBC said.

Britain's steel industry has been struggling since European Union steel prices hit their lowest since 2004.

Earlier in January, Tata Steel said it would cut 1,050 UK jobs including 750 jobs at Port-Talbot-based operations in Wales.

About 4,000 British steel jobs were lost in October 2015 alone, equivalent to about a fifth of the sector's workforce.

(Reporting by Sangameswaran S in Bengaluru; Editing by Bernard Orr)

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

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Mar 30, 2016 03:15:27 IST

Also See