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UK business transformation ongoing: Tata Steel

Tata Steel claims to have invested 1.5 bn pounds in its UK business since acquiring Corus in 2007

Press Trust of India  |  London 

Photo: Reuters

Indian steel giant 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

The company confirmed that discussions with and the Pensions Regulator will be concluded in the coming months.

"recently completed a consultation with its employees on proposals to structurally reduce risks in its wider business. It is also in discussions with the and the Pension Regulator to develop a structural solution for its pension scheme in the coming months," a company statement said.

"Tata Steel's business continues its process of transformation that is essential to create a viable future for its 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 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

The acquisition covers several South Yorkshire based assets, including the electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth, as well as service centres in Bolton and Wednesbury in the and at Suzhou and Xi'an in China.

"As a responsible owner, in the last couple of years has undertaken a transformation planat Speciality Steels, including investing in a state-of-the-art vacuum induction melting furnace, to ensure the business can have a sustainable future," said Bimlendra Jha, CEO of

claims to have invested 1.5 billion pounds in its business since acquiring in 2007.

The company said the investments to improve manufacturing capability will enable the production of premium steels in Shotton, Llanwern, Trostre and Orb in Newport, as well as environmental schemes for Port Talbot's power plant in Wales.

"Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products support the company's focus on making differentiated and advanced steel products for key manufacturers in the and elsewhere," said.

The Indian steel major has been working on finding a solution to its pension scheme liabilities as part of talks with ThyssenKrupp to merge its units with the German giant's European steel operations.

First Published: Tue, May 02 2017. 22:25 IST