BENGALURU (Reuters) – India’s Tata Steel Ltd said on Monday it would shut parts of its non-core businesses in the United Kingdom, a move that could cost about 400 jobs.
The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, potentially affecting up to 380 jobs, as it was “unable to find a way forward” for the business, it said in a filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/0a50d7de-01e7-4f84-8cde-8d9b0f874ce0.pdf
to Indian stock exchanges.
Tata - Businesses - Europe - Sale - May
Tata put up five of its non-core businesses in Europe on sale in May 2018 as it looked to focus on its strip products business.
Orb is part of one of these businesses, Cogent, which makes electrical steels.
Losses - Orb - Electrical - Steels - Time
“Continuing to fund substantial losses at Orb Electrical Steels is not sustainable at a time when the European steel industry is facing considerable challenges,” said Henrik Adam, chief executive officer of Tata Steel’s European operations.
The company saw no prospects of the business returning to profitability in the coming years, Adam said.
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