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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Tata Steel Limited    TATASTEEL   INE081A01012

TATA STEEL LIMITED (TATASTEEL)

End-of-day quote. End-of-day quote  - 06/28
311.15 INR   +0.40%
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Tata Steel : Union leader calls for steel crisis talks

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06/28/2016 | 11:44am CEST

A UNION leader is demanding an urgent meeting with the Government about the crisis in the steel industry after the EU referendum result.

Roy Rickhuss, general secretary of Community, has written to Business Secretary Sajid Javid about the future of Tata Steel as the Indian firm continues to assess bids for its UK business.

Mr Rickhuss said: "The EU referendum result and the Government turmoil that has resulted have placed new question marks over Tata Steel's sales process and the trade unions need to understand what actions Government will take to safeguard the future of UK steelmaking.

"The Prime Minister and the Business Secretary have both looked steelworkers in the eyes and said they would do everything to save the industry. Senior Leave campaigners like Michael Gove said that leaving the EU would help save steelmaking.

"It is important that the entire UK Government now gets behind steelworkers and helps secure the future of their industry. During this period of economic uncertainty, it would be a disaster if our steel industry was allowed to crumble."

It has been reported that several bidders for Tata Steel's British operations are close to abandoning talks with their Indian owner following the outcome of the EU referendum.

Tycoon Wilbur Ross, who is among seven bidders shortlisted for Tata Steel's UK business, has reportedly signalled that exiting the EU would reduce the likelihood of him pursuing a takeover.

Tata Steel employs 11,000 people in the UK and had raised fears about putting its British business into some form of liquidation, although they added that no decisions had been taken. Two Lanarkshire mills which were mothballed by Tata Steel have been handed over to Liberty House. Liberty agreed to take on the plants in Motherwell and Cambuslang.

Credit: By Alan Jones, Press Association Industrial Correspondent

(Copyright (c) 2016 Newsquest Media Group), source Newspapers

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