After departure of Cyrus Mistry, interim chair Ratan Tata is reviewing site as sources say he is keen to keep UK operations
United Kingdom, London: Tata is preparing to make a decision about the future of the Port Talbot steelworks within four weeks after the Indian conglomerate ousted Cyrus Mistry as its chairman, with the company edging towards keeping its UK operations.
Cyrus Mistry, who had driven the talks with ThyssenKrupp, has been replaced by Ratan Tata, the interim chairman who is understood to be conducting a detailed review of Tata Steel’s UK business before making a final decision, reports The Guardian.
In July this year Tata revealed it was in negotiations with ThyssenKrupp about merging their European steel operations, with the UK business set to be included in the deal if an agreement could be reached with the government to restructure its pension scheme.
Now, one Tata source says that Ratan Tata will commit to turning around its steel operations.
“They will urgently make a decision, but whatever happens Tata will stay [in the UK steel business],” the source said, according to the Guardian.
Source: The Guardian