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After months of negotiations, Tata Steel-owned Corus has tentatively agreed to sell the beleaguered Teesside Cast Products plant to Thailand's Sahaviriya Steel Industries for a price of 320 million (Rs 2,325 crore).
Dispute relates to premature termination of a deal to buy TCP steel
Teesside, located in the north-east region of the UK, is an important part of the Tata Group's business presence abroad. It also has two contrasting tales for India's largest business group.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
The Indian-origin former chancellor has overturned the norm by moving back into the smaller flat above 10 Downing Street, which is usually used as the home of the Chancellor of Exchequer.
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus' Teesside plant in Britain.
Sunderland defender Titus Bramble was cleared on Thursday of sexually assaulting two women last September.
Tata Steel on Friday said it will cut 900 jobs in the UK as part of major restructuring of European operations to make the company an "all-weather" steel producer, capable of succeeding in difficult economic conditions.
Sunderland defender Titus Bramble has been charged with two counts of sexual assault, and one of urinating in public, police said, on Friday.
But the Tata Group is an established and growing brand in Australia, affirm top local managers.
Tata Steel's arm here said it had got $130 million as final settlement from the consortium of global steel buyers which had prematurely terminated, in May 2009, a 10-year purchase contract.
Tata Steel's European arm, Corus, the second-largest steel maker on that continent, has appointed Citibank to help find a suitable buyer for its beleaguered Teesside Cast Products factory in northeast Britain.
Tata Steel Vice-Chairman B Muthuraman has asked a member of British Parliament not to be "over-critical" about the company's strategy in dealing with problems in Corus.
Tata Steel's European arm Corus today said it is open to dialogue for strategic tie-ups with investors having sound financials to rescue its recently mothballed Teesside Cast Products (TCP) plant in England.
Fresh from his visit to India in the last week of July, Britain's Business Secretary (minister) said he was hopeful a buyer would be found for Tata Steel-owned Corus' Teesside Cast Products plant in the northeast of this country.
To keep operations at TCP alive, Corus has been channelising internal orders to the TCP which was also getting some demand from outside.
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The proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington.
The company agrees to discussions for long-product division with Swiss group Klesch.
Mohammed Zaman denies manslaughter by gross negligence, perverting the course of justice and six food safety offences in relation to the death of Paul Wilson.
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
Some feel that Tata Steel has put these assets on the block only after exhausting all the options.
In March, Tata Steel announced its intention to sell the entire 10.5 million-tonne UK assets.
Besides a minority stake, the UK and Welsh governments are considering additional grant funding
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