Tata Steel To Exit Corus & Entire UK Business

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Nine years after acquiring Corus for around $8.9 billion and becoming Britain’s largest and Europe’s second largest steel producer, Tata Steel has finally decided to exit the entire UK business, blaming high manufacturing costs, domestic market weakness and increased imports into Europe from countries like China.

Nine years after acquiring Corus for around $8.9 billion and becoming Britain’s largest and Europe’s second largest steel producer, Tata Steel has finally decided to exit the entire UK business, blaming high manufacturing costs, domestic market weakness and increased imports into Europe from countries like China. After a marathon board meeting in Mumbai that went late into Tuesday night, Tata Steel said early on Wednesday that the financial performance of its UK arm had deteriorated sharply in recent months, following years of weak conditions which have already forced it to shed hundreds of jobs.

Read more on this in the source site, after the first two paragraphs. Click.. here.

Source Credits: The Financial Express. The photo above shows in background the Tata Steel Mill in Port Talbot, South Wales

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