There has still been no news on the rumoured tie-up between Tata Steel and the German steelmaker ThyssenKrupp, but speaking at a dinner in Wales this week, Tata Steel UK’s managing director Bimlendra Jha said that, while there had been some turnaround at the company’s Port Talbot works in South Wales, there was still a long way to go and ‘we are still not out of the woods’.
Jha was giving little away and said little in the way of reassuring words for Port Talbot workers other than the company was looking for certainty and that uncertainty was not good for anybody. Hardly breaking news.
He didn’t comment on the rumours surrounding some kind of joint venture between Tata Steel UK and the German steel giant ThyssenKrupp.
Jha did say that Port Talbot and it’s downstream businesses are back in profit, but added that a long-term period of ‘sustained profitability’ is needed before there’s any talk about a turnaround in fortunes.
The elephant in the room where Tata Steel UK and any possible linkage with ThyssenKrupp is concerned is the British Steel Pension Scheme, which is in deficit to the tune of £700 million.
Source: Wales Online.