Steel industry

'Need an outcome' on Brexit says steel maker

BBC Radio 5 Live

Wake Up To Money

Sanjeev Gupta from Liberty Steel, which owns owns plants in the north of England and Wales as well as an aluminium smelter in Scotland, told Radio 5 Live's Wake Up To Money that industry needs to know what is going on with Brexit.

“The whole subject is highly worrisome for everybody. Industry is suffering from the current limbo which we’re stuck in. For me the most important thing is we have an outcome quickly and decisively once and for all now, more than which outcome that is."

That is more important than anything else, he said.

"If we have certainty we can adjust, we're adapt," he said, adding his business was committed to the UK.

Tata Newport: 'Stomach sinks' at plant closure blow
Workers speak of the shock when the news comes that their steel plant is closing in Newport.

Tata 'deep disappointment' over blocked steel deal

steel worker
EPA

Tata Steel has issued a formal update to the London Stock Exchange about the decision by European Commission on Tuesday to confirm its decision to prohibit the proposed European steel joint venture between Tata Steel and Thyssenkrupp.

Both companies had already said they expected that that the Commission would not clear the proposed joint venture "despite both parties offering a comprehensive package of remedies addressing the concerns of the Commission".

"Tata Steel noted with deep disappointment the conclusions of the Commission. The company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its balance sheet and working towards creating a sustainable portfolio in Europe," it said.