15 Apr Tata Steel sells British assets for not being profitable
On April 11, the Indian company Tata Steel began selling its factories in the UK for the loss of profitability, and confirmed an agreement with the British fund Greybull Capital for one of the involved divisions. The agreement includes a plant in the north of the UK and in France where will work around 5,000 people.
The sale of assets is due to the weak demand for steel in the local market, high production costs and the volatility of the currency.
Sajid Javid, the British Business Minister, speaking to the Parliament, said that the executive could make a joint investment with the private sector so that factories can remain open.
The Community steel union employees, requested the intervention of government so that the Indian company meets your needs as a seller and continue steel production until you find buyers.