(MENAFN) Tata Steel, Europe's 2nd biggest steel manufacturer, intends to sell all its British assets, therefore placing thousands of jobs at risk, based on recent reports.
The Mumbai-based agonizing behemoth stated that the steel industry in Britain has rapidly deteriorated on the back of decreasing prices and growing costs, said in a statement.
In accordance, the company has declared it plans to explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts.
Meanwhile, the outrageous move caused uproar from Community, the steelworkers' union, which demanded a meeting with Prime Minister to discuss Tata's move.
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