Speaking after a board meeting in Mumbai, Tata said it had started talks with "strategic players in the steel industry". They include the German company Thyssenkrupp. Tata said the uncertainty created by Brexit was a factor in its deliberations. The company declared its intention to sell all or part of its UK business in March. It employs more than 4,000 workers at its plant in Port Talbot in Wales and over 2,000 more at its speciality businesses in Hartlepool, Rotherham and Stocksbridge. A shortlist of seven potential buyers was drawn up in May, but one of the biggest stumbling blocks to the sale of the UK business has been the legacy of the British steel pension fund which Tata inherited when it bought the business in 2007. It has 130,000 members and a deficit of £700m. The government has been trying to break the impasse by launching a consultation on drawing up special legislation to lower pension benefits for many of the pension fund's members.
Brexit uncertainty
In a statement Tata said it had considered the bids for the UK business in detail and that they had also been reviewed "in the light of the uncertainties caused by the UK referendum and the outcome of the UK Government's consultation on the British Steel Pension scheme." It added: "Taking the above issues into account, the Board of Tata Steel has decided to also look at alternative and more sustainable portfolio solutions for the European business."
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