Tata Steel puts entire UK business up for sale

March 30, 2016 10:59

India's Tata Steel, Britain's largest steelmaker, is considering the sale of its entire UK business to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain.

After a marathon board meeting in Mumbai, the Indian steel giant said in a statement in the early hours of Wednesday that the financial performance of its UK arm had deteriorated substantially in recent months, after years of weak conditions.

Blaming high manufacturing costs, domestic market weakness and increased imports into Europe from countries like China, the company said it saw little change ahead for its UK plants.

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