Tata Steel to exit UK |
With thousands of jobs at risk following Tata Steel`s move to sell its UK business, British Prime Minister David Cameron is likely to hold an emergency meeting on March 31 to discuss the matter as his government faces pressure over the economy ahead of the EU referendum. The latest development also comes at a time when uncertainty persists over British economy ahead of the referendum in June to decide whether Britain should stay in the European Union or not.Tata Steel, the second largest steelmaker in Europe, announced plans to sell UK business as it battles to control its "deteriorating financial performance", almost a decade after it bought steel giant Corus for over $14 billion. The company has decided to "explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts" amid a "deteriorating financial performance of the UK subsidiary in the last 12 months".The move puts thousands of jobs at risk. Tata`s British business employs about 15,000 workers, including 4,000 at Port Talbot, the country`s biggest steelworks. Tata`s Port Talbot site alone, which employs 5,500 people, is estimated to be losing 1 million pounds a day.
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