Business Secretary Sajid Javid and Tata’s group chairman Cyrus Mistry have announced that the formal sale process of Tata’s UK operations will begin by next Monday (April 11th) following meetings held in Mumbai, India.
According to a government spokesperson on Wednesday 6th April, the Business Secretary confirmed that the formal sale process for Tata’s UK operations will begin by Monday 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, where they talked through the details of the upcoming sales process and discussed timescales for any potential sale
In a statement, Sajid Javid said that a number of people have already started coming forward and he thinks more will do so once the formal process begins. “We are listening, we have 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,” he added.
In a release issued by the government, the government maintained that it 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,” a spokesperson added.
It also said 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.
The government has assured that it will continue 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; and continue to tackle unfair trading practices at an EU and international level.