Business Secretary confirms formal Tata Steel sale process

[vc_row inner_container=”true” no_margin=”true” padding_top=”0px” padding_bottom=”0px” marginless_columns=”true” bg_video=”” class=”” style=””][vc_column fade_animation_offset=”45px” width=”1/4″][gap size=”20px” id=”” class=”” style=””][text_output][/text_output][/vc_column][vc_column fade_animation_offset=”45px” width=”3/4″][gap size=”1px” id=”” class=”” style=””][/vc_column][/vc_row][vc_row padding_top=”0px” padding_bottom=”0px”][vc_column fade_animation_offset=”45px” width=”1/1″][text_output]Formal sale process for Tata’s UK operations to begin by Monday 11 April[/text_output][text_output]Business Secretary Sajid Javid has confirmed that the formal sale process for Tata’s UK operations will begin by Monday 11 April, and the company has committed to providing sufficient time for the process to be completed.

The news comes as the Business Secretary met with Tata’s group chairman Cyrus Mistry in Mumbai today (6 April 2016), where they talked through the details of the upcoming sales process and discussed timescales for any potential sale

Business Secretary Sajid Javid said:

A number of people have already started coming forward and I think more will do so once the formal process begins.

We’re listening, we’ve worked on this for a while, and we want to work with any potential buyer to see how we can help. The government will do everything it can to find a viable, long-term solution for Port Talbot and British steel.

Government stands ready to offer support to all potential buyers on various issues, including power, procurement and plant. The steel industry is currently dealing with unparalleled global economic conditions and the price of some steel almost halved in 2014.

The Business Secretary will continue to lead the government’s response to steel and has held multiple meetings with Tata, the unions, Tata’s workers and key stakeholders throughout this process.

Government continues to work with the industry and will continue to work with Tata, the Welsh government and others to find a viable long-term solution.

To date the UK government has:

secured state aid to compensate for energy costs
made sure there is flexibility over EU emissions regulations
ensured that social and economic factors can be taken into account when government procures steel
continue to tackle unfair trading practices at an EU and international level[/text_output][/vc_column][/vc_row]