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Tata Steel pauses British assets sale

International Business
Sat, 09 Jul 2016

London: Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and also surrounding pension liabilities and will now also look at forming a joint venture, the company said.

Tata Steel put its British operations up for sale in March, including its Port Talbot plant in southern Wales, threatening thousands of jobs, but an industry source said the sale had been put on hold. The firm said yesterday that the June 23 referendum and issues around the pension scheme had prompted a rethink.

“The bids have also been reviewed in the light of the uncertainties caused by the UK referendum and the outcome of the UK government’s consultation on the British Steel Pension Scheme,” the firm said in a statement.

“Consequently, Tata Steel has now entered into discussions with strategic players in the steel industry, including Thyssenkrupp.”

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