Some Interest, But No Takers Yet for Tata Steel's European Division
11/17/2015 - Several parties reportedly have expressed interest in Tata Steel’s European long products division, although a deal doesn’t appear to be imminent, according to the Reuters news service.
"We're being told there's interest from several different parties but there are no bids on the table," Paul McBean, chairman of the multi-union committee at the company’s Scunthorpe works, told the news service.
A Tata Steel spokesman declined to comment, saying only that the company is "still assessing all strategic options" for the unit.
Tata Steel Europe chief executive Karl Koehler said earlier this month that the unit has no future within the company beyond the end of the current financial year.
The division empoloys roughly 6,500 people and makes rail, rod, plate, and other products. The division is anchroed by the Scunthorpe works, which is located in England.
Tata is idling the plate mill there along with two other facilities in Scotland, laying off about 1,200 people in the process. It also is closing one of Scunthorpe’s two coke ovens.
A Tata Steel spokesman declined to comment, saying only that the company is "still assessing all strategic options" for the unit.
Tata Steel Europe chief executive Karl Koehler said earlier this month that the unit has no future within the company beyond the end of the current financial year.
The division empoloys roughly 6,500 people and makes rail, rod, plate, and other products. The division is anchroed by the Scunthorpe works, which is located in England.
Tata is idling the plate mill there along with two other facilities in Scotland, laying off about 1,200 people in the process. It also is closing one of Scunthorpe’s two coke ovens.
