Companies

'Tata's Port Talbot steelworks in possible management buyout'

Reuters April 20 | Updated on January 20, 2018 Published on April 20, 2016

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Managers at Tata's Port Talbot steelworks have been briefed about a potential management buyout plan, Sky News reported on Tuesday, citing sources.

Details of the plan are expected to be announced as early as Wednesday, Sky News said.

Senior managers at Tata's South Wales plant were said to be called for an emergency meeting chaired by the director of Tata Steel's Strip Products UK business, Stuart Wilkie, Sky News added.

Tata Steel said it was not publicly naming or confirming any potentially interested investors or bidders.

In March, the embattled steelmaker put its entire UK business up for sale to stem heavy losses.

Tata Steel earlier this month agreed to sell its Long Products Europe division in Scunthorpe to Greybull for 1 pound, saving a third of the 15,000 jobs placed in jeopardy by the conglomerate's decision to sell up in Britain.

The steelmaker has been hit by falling prices due to overcapacity in China, which is the world's biggest market for the alloy.

The company, under former chairman Ratan Tata, bought its UK steel operations in 2007 by purchasing Anglo-Dutch steelmaker Corus for $12 billion as a way to access the European market.

Published on April 20, 2016
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