December 2016 Current Affairs

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Tata Steel announced plans to explore options to restructure its UK business

Tata Steel announced plans to explore options to restructure its UK business
01 April 2016 Current Affairs: The Tata Steel Board on 30 March 2016 announced plans to explore options to restructure its UK business - Tata Steel UK.The announcement came at the end of performance review meeting of the European business of the Company (Tata Steel Europe), more specifically, of Tata Steel UK.As per the announcement, the Tata Steel Board advised the Board of Tata Steel Europe to explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts.The Tata Steel Group has extended substantial financial support to the UK business and suffered asset losses to the tune of 2 billion pounds in the last 5 years.Some of the reasons behind the poor performance of Tata Steel UK are -The global steel demand, especially in developed markets like Europe has remained muted following the financial crisis of 2008.Trading conditions in the UK and Europe have rapidly deteriorated due to structural factors including global oversupply of steel and a significant increase in third country exports into Europe.In the last few years, European mills are struggling to contend with a flood of cheap steel exports from China. At present, China accounts for about half of the global output, thus, eroding profits worldwide.High manufacturing costs, continued weakness in domestic market demand in steel and a volatile currency are also some of the other important factors affecting the industry.Tata Steel’s decision is expected to trigger a crisis in the United Kingdom. Tata Steel Europe is the continent’s second largest steel producer and its UK arm is the largest steel manufacturer in the country.At present, it employs about 15000 workers in the UK alone that includes 4000 employees working at the country’s biggest steel plant at Port Talbot in Wales.Tata Steel’s move could have an impact on the country’s closely foughtreferendum, on 23 June 2016, which will decide the UK’s continuance of the membership in the European Union (EU).Tata Steel Group was established in 1907 as Asia's first integrated private sector steel company.At present, it is now the world's second-most geographically-diversified steel producer.Its headquarters is located in Mumbai. It has operations in 26 countries and a commercial presence in over 50 countries.In 2007, it bought UK-based Corus Group Plc. for 12.9 billion US dollars in the biggest acquisition by an Indian company. It has a turnover of 22.32 billion US dollars in FY 2015 and employs over 80000 across five continents.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
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26 SEP
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24 SEP
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August 2016 Current affairs
31 AUG
NEWS
30 AUG
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29 AUG
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27 AUG
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26 AUG
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25 AUG
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