Search Result for : Port Talbot

The Dollar Business Bureau In a bid to save jobs in the United Kingdom, Tata Steel has announced its 10-year commitment to a billion-pound investment plan as a result of its discussions with the steelworkers unions.   The company has said that it will keep operating both its furnaces at Port Talbot steelworks located in South Wales for a minimum of five-years along with giving other assurances to its staff working in UK's largest steel plant. The Indian giant will also hold talks with its employees on a proposal to close the British Steel Pension Scheme as it has liabilities of more than 15 billion pound. It is planning to offer its employees a competitive defined contribution scheme instead. According to Tata Steel Group Executive ...

The Dollar Business Bureau Tata Steel is inching closer to striking a deal with UK’s steel workers’ union, a decision which is aimed at keeping the company’s troubled Port Talbot steel plant in south Wales operational until at least 2020. According to the reports, Union leaders will propose a new rescue plan to its members later this week. The plan is envisaged to see investments into the country’s largest steel plant in exchange for concessions on staff terms and conditions. As part of the plan, the company is looking to retain Port Talbot's two blast furnaces, which transform iron ore and coke into molten iron. One is due to close its production in 2018, but workers’ unions have been struggling to keep it operational. If the ...

The Dollar Business Bureau Tata Steel on Friday called for a board meeting to consider future options for its UK operations, as the UK business Minister Sajid Javid flew to Mumbai to hold talks with Tata executives and find a long-term solution for the company’s Port Talbot site. The decision comes after several bidders pulled out due to political and commercial uncertainty, triggered by Brexit. Liberty Group, owned by Indian-origin businessman Sanjeev Gupta, stands as the sole bidder. According to the reports, Tata Steel may put the sale of its Port Talbot unit on hold, barring the company’s specialty steels and pipeline tubes businesses, a segment which employs about 2,000 people in the UK. Business Minister Javid has been in regular discussions with Tata ...

The Dollar Business Bureau Tata Steel stated that it has not yet shortlisted any bidder—it has received seven bidders who have shown interest in taking over its loss-making UK business. The company also specified that it has not fixed any time period, as to when it expects to sell the assets. There was high expectation that the Tata board would formally announce a sale agreement of its bleeding business operations in the UK; specifically, after Sajid Javid, Secretary of State for Business, UK, came to the city on Wednesday, which was his second visit this month, and held discussions with Cyrus Mistry, Chairman of Tata Group. Koushik Chatterjee, CFO, Tata Steel Group, said that the timeline for bidding was the day before yesterday ...

The Dollar Business Bureau Excalibur Steel UK Ltd, one among the potential bidders of Tata’s steel business in UK, is planning to cut another 1,000 jobs if it is successful in the bidding process. This is in addition to the 1,000 jobs already declared by Tata management earlier. Excalibur and Indian tycoon Sanjeev Gupta’s Liberty House are the two potential buyers. To free itself from the burden of £1 million losses per day, Tata Steel is expecting a quick sale of its UK steel business. It is waiting for receiving letters of intent from the prospective buyers. It held talks with 190 potential bidders for its biggest plant in the UK - Port Talbot in south Wales, where around 4,000 people work ...