Tata Steel Continuing Separation of UK & Dutch Business
Argus reported that Tata Steel is proceeding with the separation of its mainland European and UK businesses after meeting with its European Works Council. Tata Steel said “We have now agreed a way forward for consultation with our European Works Council while also enabling local consultation on the proposed organisations for separation to begin. Separating into Tata Steel Netherlands and Tata Steel UK will allow the businesses to pursue alternative strategies and give them greater agility and focus. The companies will operate a common pricing policy, and there will be no competition between the businesses.”
Following the separation, the management teams of the entities will be accountable to their boards and the parent company, Tata Steel Limited. A steering committee consisting of Mr TV Narendran, Mr Koushik Chatterjee, Mr Sandip Biswas and Mr Henrik Adam will lead the separation process.
Tata remains in talks with the UK and Dutch governments about support for its transition to low-carbon steelmaking, which it termed a vital part of securing a long-term sustainable future for both steelmaking sites.