• Sunday, November 27, 2022

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Britain ready to take stake in Tata’s UK steel assets as part of rescue deal

By: Eastern Eye Staff

Britain has said it could take an equity stake of up to 25 percent in Tata’s UK steel assets as part of a package of hundreds of millions of pounds of financing to help support a potential buyer. The Indian group announced plans to exit its entire British steel operation last month, leaving the government battling to save a once mighty industry that has been hammered by a surge in cheap Chinese imports, soaring costs and weak demand. Prime Minister David Cameron is under pressure from trade unions and the opposition Labour Party to ensure that a buyer is found…

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