Record production for Tata despite struggle to exit UK operations
INDIAN steel giant Tata Steel reported record production volumes last week, even as it struggles to exit its UK businesses.
It produced 9.5 tonnes of steel up from 8.8m the year before, but did not offer financial information for its Q4 performance.
The company’s revenue in the first three quarters of the financial year fell to £2.9bn (Rs274bn) due to a decline in steel prices.
Yesterday in an interview with the Sunday Times, potential suitor for Tata’s remaining steelworking sites, including Port Talbot in Wales, Sanjeev Gupta, owner of Liberty House said: “I feel passionately about this and would like to do it, but I am not married to it. It is too big a deal for us to get wrong. It could put the whole company at risk.”
The announcement that Greybull Capital is saving thousands of jobs at Tata’s Scunthorpe site in a £400m deal is expected through today.
