Tata Steel would have to decide on the future of its UK operations within the next year as some assets are nearing the end of their operational life, managing director, TV Narendran told Economic Times.
Noting that the government has also visited their sites, Narendran says "Hopefully, we will come to a conclusion in the next few months."
Elaborating further, he cited that negotiations got delayed over the past two-three years due to multiple governments coming to power. "But now, the government is very keen to take it to a logical end," Narendran said adding, "The final call has to be taken within the next year."
Tata Steel, which acquired the British-Dutch Corus Group in 2007, operates the UK's largest steel plant and seeks fiscal support from the British government for transitioning to cleaner steelmaking technology. The company cites high operational costs impacting profitability and necessitating government assistance for modernisation.
Tata Steel UK reported a loss in Q1 due to declining demand and prices with elevated input costs. The management plans to meet British PM Rishi Sunak in September to discuss fiscal stimulus for the UK plant, expecting improved performance in the latter half from better realizations and lower energy costs, ET had reported earlier.
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