Search Result for : Tata Steel Uk

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 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 Moody's Investors Service on Friday said Greenfield expansion of Tata Steel in India and its expected restructuring of UK operations will drive Tata Steel and Tata Steel UK Holdings Limited's (TSUKH) earnings in the financial year 2017. However, the credit rating agency kept rating of Tata Steel Ltd. (Ba3 negative) and Tata Steel UK Holdings Ltd. (B3 negative) unchanged. In February this year, it had downgraded credit ratings of the Indian steel major by two notches to Ba3 from Ba1, in the backdrop of a weaker than expected performance in key operating markets of Europe, India and South-East Asia. “Ratings on Tata Steel Ltd. (Tata Steel, Ba3 negative) and Tata Steel UK Holdings Limited (TSUKH, B3 negative) remain unchanged ...

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 ...

PTI Formal bids for Tata Steel's loss making UK assets are set to be finalised today, with a shortlist being drawn up in next few days and UK business secretary Sajid Javid set to fly out to Mumbai to hold talks with the Indian conglomerate to discuss the final bids. Monday had been set as the deadline for interested parties to put in their bids and of the seven who had expressed an interest, between one and three companies are expected to go forward to the next stage. According to UK media reports, Tata is aiming for the end of June to complete the sale. However, the company's 15 billion pound pension scheme is likely to prove a ...

The Dollar Business bureau The board of Tata Steel Europe on Monday announced that seven buyers have shown interest to acquire Tata Steel UK’s assets. All the dealers have been immediately taken forward to the next step of the sale process. The company had said that the main intention of Tata Steel Europe is to evaluate expressions of interest for the entire UK business of Tata Steel, and not in parts alone. On this basis, the received expressions of interest from seven bidders have been immediately taken forward. However, expressions of interest for part bidding of business have been put on hold at this point. Tata Steel Europe is making its intentions clear to other parties who have submitted an expression ...

The Dollar Business Bureau    Concerned over its dismal financial performance in the European steel market, particularly in the UK for the last 12 months, Tata Steel on Wednesday decided to sell its UK steel business. The company noted that the global steel demand, particularly in the European market, had been deteriorating after the 2008 financial crisis. Trading conditions in the UK have gone worse because of several regional and international factors, most notably global oversupply of steel, weakness in demand of the metal, high manufacturing cost, low-performing currency and an influx of third country exports in to the market, have compelled the company to opt out of the UK market. “These factors are likely to continue into the future and ...