DHAKA: India’s Tata Steel plans to sell its loss-making UK business, putting the jobs of thousands of workers at risk.

Its European holding company has been told to ‘explore all options for restructuring’, including the partial or entire sale of its UK operations.

Union leaders traveled to Mumbai in a bid to persuade Tata to keep making steel at plants including Port Talbot, reports the BBC.

The UK and Welsh governments said they were working ‘tirelessly’ to ensure the future of the British steel industry.

Meanwhile, Plaid Cymru leader Leanne Wood said that her party wanted the Welsh Assembly to be recalled to discuss the crisis - a call that was echoed by Welsh Conservatives leader Andrew Davies.

Tata’s restructuring decision, which was announced after a board meeting in Mumbai on Tuesday, will also affect workers at its other UK plants including Rotherham, Corby and Shotton.

Tata said trading conditions had ‘rapidly deteriorated’ in the UK and Europe due to a global oversupply of steel, imports into Europe, high costs and currency volatility.

‘These factors are likely to continue into the future and have significantly impacted the long-term competitive position of the UK operation,’ it said.

That means finding a buyer for the whole business may not be easy.

BDST: 1251 HRS, MAR 30, 2016
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