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Tata Steels UK losses continue to mount Report

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first_imgLondon: Indian steel conglomerate Tata Steel lost more than 1 million pounds a day in the UK last year, according to the company’s annual report. The Indian steelmaker, which runs the UK’s largest steelworks at Port Talbot in south Wales, lost 371 million pounds in Britain in the financial year until March end this year as a result of lower production. The losses mark a hike from 222 million pounds a year earlier, according to ‘The Sunday Times’. Also Read – Thermal coal import may surpass 200 MT this fiscalAs per the annual report, the company’s turnover from its UK plant rose 1 per cent to 2.4 million pounds, but the production fell from 3.6 million tons to 3.2 million after one of the two blast furnaces was shut down for maintenance. Tata Steel spent 56 million pounds during the year to extend the furnace’s life by up to seven years. “The losses for Tata Steel UK, disclosed in its annual report, come as the industry struggles to forge a future,” the newspaper report said. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boost”Tata has spent the past few years unwinding its top-of-the-market 6.2 billion pounds takeover of Anglo-Dutch steel giant Corus in 2007,” it adds. The Tata Group employs 8,500 staff in its UK steel business. The company’s hopes for a turnaround in fortunes for its European arm with a merger with Germany’s Thyssenkrupp collapsed in May this year, after it was blocked by the European Commission on competition grounds. While admitting that the proposed JV was an important strategic initiative for the company to create a sustainable portfolio in Europe, Tata Steel had stressed that it would explore all options to achieve similar outcomes in the future. “Our strategy is to be the leading and most sustainable flat steel company in Europe with a strong focus on delivering value, especially for our customers, our employees and our shareholders. “This strategy will continue to guide us and I’m confident we will chart a strong path forward for all our stakeholders,” Hans Fischer, CEO of Tata Steel’s European operations, had said at the time. Tata Steel is one of Europe’s leading steel producers, with steelmaking in the Netherlands and the UK, and manufacturing plants across Europe. The company says it supplies high-quality steel products to the most demanding markets, including construction and infrastructure, automotive, packaging and engineering. A few years ago in 2016 amid ongoing strains on the worldwide steel industry, Tata Steel had sold British Steel to Greybull Capital, but the private equity firm’s attempt to revive the business failed as it collapsed in May this year. It is now in the process of being sold by administrators.last_img read more

G7 summit in Canada great opportunity to advance countrys priorities Trudeau

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first_imgLA MALBAIE, – Hosting the next G7 summit will give Canada the perfect opportunity to promote issues that are important to the country, Prime Minister Justin Trudeau said Thursday.Trudeau was visiting La Malbaie, the small picturesque town northeast of Quebec City that will be the centre of global attention for a few days when it welcomes international leaders next year.“In 2018, the eyes of the entire world will be riveted on (the region of) Charlevoix, a magnificent location…that is really ideal for welcoming world leaders,” he told a news conference.“As host of the G7, Canada will be in a unique position in 2018 to advance our priorities, including gender equality….This topic will be at the top of the agenda next year and I look forward to working with my counterparts to promote gender equality, both at home and abroad.”Earlier in the day, Trudeau met with Mayor Michel Couturier and local business and tourism representatives to discuss issues related to the summit.One topic that surfaced was the need to improve telecommunications in an area where cellular telephone reception can often be spotty.Security, he said, will also be taken very seriously in La Malbaie, which is about 140 kilometres from Quebec City along the St. Lawrence River.“Obviously, any time we have a gathering of world leaders, security is of course one of the things we need to think about,” Trudeau said. “Security for the people arriving but also security for people who live here.“There are many discussions to be had still around security, but I can ensure people it will be done responsibly, it will be done respectfully, and it will be done, again, in a way that is very much driven through partnerships with local people.”The G7 comprises the seven richest economies in the world, including Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.It will mark the sixth time that Canada has hosted the meetings, including in the Muskoka region of Ontario in 2010, Alberta’s Kananaskis in 2002 and Halifax in 1995.Trudeau said Charlevoix will benefit economically from hosting the event if the previous G7 summits held in Canada are anything to go by.last_img read more