India's Tata Steel Ltd said on Monday it would shut parts of its non-core b...
) said on Monday it would shut parts of its non-core businesses in the United Kingdom, a move that could cost about 400 jobs.
The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, potentially affecting up to 380 jobs, as it was"unable to find a way forward" for the business, it said in a filingTata put up five of its non-core businesses in Europe on sale in May 2018 as it looked to focus on its strip products business.
Tata Steel said it would cost the company more than 50 million pounds to upgrade the site to produce steel for electric vehicle production.it has sought assurances that there would be no compulsory redundancies from Tata Steel after the steelmaker announced Orb's closure. It also plans to close another non-core business, Wolverhampton Engineering Steels Service Centre, as it did not find a buyer. This could cost up to 26 jobs, it said.
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