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Tata officially cancels the sale of capacity in the United Kingdom

8 December 2016

Tata Steel has officially confirmed rumors the suspension of sales of companies throughout the UK. The company intends to continue to work in the UK. So, all the factories will continue to operate as before, including a company in Port Talbot. So, Tata will provide eleven thousand jobs, at least for a period of ten years. Perhaps this news might encourage the government to continue negotiations on Brexsit.

One of the main advisers of the company, commenting on the news, said that now the company is gearing up to expand. In parallel with this, the management of Tata is trying to find solutions to the problems of the Corporation. It is reported that the company has stopped the sale of a plant to manufacture special parts. At the moment, the company plans to hire two thousand people in the Northern part of the country.

Rumors about the sale of capacity began in England back in March. This year, an Indian company, against the background of already existing debts incurred considerable losses. At this time Tata has exposed on sale of the entire business in the UK. Thus, the company broke off negotiations with the government. During this period the company has concentrated its forces at the confluence of some non-European companies. In particular, it was assumed the merger of the English business Corporation ThessenKrupp (Germany). It is being actively negotiated with the Germans, however, the representatives of Tata spoke quite vaguely.

President of the Indian Corporation report: «the company had problems, you talked about in the press. But now we solve them and cooperate with employees, authorities and the government. To make sure that Tata will manufacture the steel in England in the next decade. The management will endeavour to implement the plan».

The main objective of Tata for further development in the United Kingdom was the question of pensions. The Corporation became one of the main pension systems of England. Its financial obligations has reached 15 billion pounds. And for 130 thousand people. Now the company is negotiating the folding program. If the intent of the Corporation will be crowned with success, it can cause a wave of indignation among the population.

Another sensation was the dismissal of the company Chairman Cyrus Mistry and purpose of the extraordinary meeting of the Board of Directors in December.

It seems that in the near time intends to review its policy in respect of the business in the UK.

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