Indian steel giant Tata Steel on Tuesday said a ‘process of transformation’ was ongoing to ensure a ‘viable future’ for its units that remain under the company's ownership in the UK. The company confirmed that discussions with British Steel Pension Scheme trustees and the UK Pensions Regulator will be concluded in the coming months.
“Tata Steel UK recently completed a consultation with its employees on proposals to structurally reduce risks in its wider UK business. It is also in discussions with the British Steel Pension Scheme trusteesand the Pension Regulator to develop a structural solution for its UK pension scheme in the coming months,” a company statement said. ‘Tata Steel’s UK business continues its process of transformation that is essential to create a viable future for its UK strip products business. Tata Steel’s strip products business will continue to employ almost 8,500 people in the UK, manufacturing products for sectors like the automotive and construction industries,” it said.
The latest on Tata Steel’s UK business came as it announced the completion of the sale of its Speciality Steels business to UK-based liberty House Group for a total consideration of 100 million pounds. Indian-origin steel tycoon Sanjeev Gupta led industrial group had earlier unveiled plans to add around 300 new jobs and multi-million-pound investments into the division it acquired from Tata Steel UK.