Tata Steel to decide on UK future in 4 weeks: UK report

Ratan Tata, who became interim chairman of Tata Group after Cyrus Mistry's unceremonious exit recently, is keen to keep the UK steelworks part of the conglomerate and will make a decision in this regard within four weeks, a media report said on Friday.

According to a source, Ratan Tata is conducting a detailed review of Tata Steel UK before making a final decision.

Quoting sources 'The Guardian' reported that he is keen to keep the UK steelworks part of the Tata Group.

"They will urgently make a decision, but whatever happens Tata will stay [in the UK steel business]. Ratan Tata will go through in detail and analyse," the source told the newspaper.

It is believed Ratan Tata will be analysing whether to go ahead with a potential ThyssenKrupp joint venture deal for the Port Talbot plant in Wales - the UK's biggest steelworks - and proposals to sell Tata Steel's speciality steel arm, which employs 2,000 people in north-east England.

Questions about the future of Tata Steel UK and its nearly 11,000 workers remains ever since the Mumbai-headquartered steel giant announced in March that it would be reviewing the future of the business.

British Prime Minister Theresa May will arrive in India for her three-day visit on Sunday but it is yet to be confirmed if a meeting with any Tata Group representatives would be on the agenda.

A UK government spokesperson said, "A great deal of work has been done to support the steel industry, including tackling the dumping of cheap imports into the EU and introducing guidelines so that, wherever possible, UK steel is used in government projects." 

"The recent reopening of the plate mills in Scotland and British Steel taking over the Scunthorpe site and hiring more people shows the sector can remain competitive with the right investment," said the spokesperson. 

Ratan Tata, 78, who retired as Tata Group Chairman nearly four years back, returned to take over the reins of the over $100 billion conglomerate after Mistry's ouster on October 24.