India's Tata Steel to shut some operations in UK
2019-09-03 15:35:03 [Print]
On September 2, India's Tata Steel Ltd. said it would shut parts of its non-core businesses in the United Kingdom.
The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, as it was "unable to find a way forward" for the business, it said in a filing to Indian stock exchanges.
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.
The company saw no prospects of the business returning to profitability in the coming years, said Adam, chief executive officer of Tata Steel's European operations.
Tata Steel said it would cost the company more than 50 million pounds ($61.39 million) to upgrade the site to produce steel for electric vehicle production.
Tata added it had signed a deal to sell Cogent Power, another division of Cogent, to Japan's JFE Shoji Trade Corp.
It also plans to close another non-core business, Wolverhampton Engineering Steels Service Centre, as it did not find a buyer.
The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, as it was "unable to find a way forward" for the business, it said in a filing to Indian stock exchanges.
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.
The company saw no prospects of the business returning to profitability in the coming years, said Adam, chief executive officer of Tata Steel's European operations.
Tata Steel said it would cost the company more than 50 million pounds ($61.39 million) to upgrade the site to produce steel for electric vehicle production.
Tata added it had signed a deal to sell Cogent Power, another division of Cogent, to Japan's JFE Shoji Trade Corp.
It also plans to close another non-core business, Wolverhampton Engineering Steels Service Centre, as it did not find a buyer.
