Britain's largest steelmaker, Tata Steel, is reportedly planning to sell its UK business after being hit by heavy financial losses.
Following a marathon board meeting in Mumbai, Tata Steel released a statement on 30 March. In the statement, the steel giant said that the company's performance in UK had deteriorated considerably in the last few months.
Tata Steel has cited many reasons for its weak financial condition in the UK - a list which includes high manufacturing costs, domestic market weakness and escalated imports into Europe from other countries.
NDTV also quoted representatives from Tata Steel as saying that the company would now "explore all options for portfolio restructuring, including the potential divestment of Tata Steel UK, in whole or in parts. Given the severity of the funding requirement in the foreseeable future, the Tata Steel Europe Board will be advised to evaluate and implement the most feasible option in a time-bound manner."
Thousands of workers could lose their jobs if the steel giant fails to find the right buyers. A Daily Mail report pegs the number of Tata Steel employees in the UK at 17,000.