United Kingdom, London: Tata Steel in India has decided to pull out of all its UK operations, including the steel factory in Port Talbot, which could put thousands of jobs at risk.
The decision will affect about 15,000 employees and comprises the sites that used to make up British Steel, including Port Talbot, Rotherham, Corby and Shotton, reports The Guardian.
According to the Guardian, the UK government was prepared to look at a number of options to save Tata’s British business, calling on Tata Steel to allow it time to save Port Talbot plant, but the company rejected this “unaffordable” turnaround plan and instead given the green light to a sale of its UK business.
Port Talbot is Britain’s biggest steelworks and employs 4,000 people. However, it is losing £1 million a day, making the prospect of finding a buyer difficult.
Source: The Guardian