Tata Steel Offers Britain 50% Stake in Wales Plant
Tata Steel is reportedly in talks with the UK government and has offered up to 50 per cent stake in Port Talbot steelworks in Wales for around 900 million pounds or $1.15 billion.
According to a report, Tata Steel has presented proposals to the UK government in recent weeks aimed at securing a state investment for its UK operations.
Tata Steel has two integrated (blast furnace-based) steelmaking sites in Europe — one in Port Talbot in south Wales and the other in Ijmuiden in the Netherlands. The company has been going through a financial stress of late. The auditors of Tata Steel had raised concerns regarding the ‘material uncertainty’ of its European arm due to the Covid-19 pandemic’s severe impact on its financials, in the company’s January -March quarter earnings.