 "Cyrus Mistry")
Following their meeting with the Tata Steel management and the UK government on Friday, trade unions have demanded a meeting with Tata Group Chairman Cyrus Mistry also to get a clear idea on how the steel producer plans to carry out the sale of its UK business.
“We met Koushik Chatterjee (Tata Group’s chief financial officer) and felt he is more of a messenger. The company is not really saying anything and so we have demanded a meeting with Cyrus Mistry,” Harish Patel, national officer (metals and foundry) at Unite, Britain’s largest trade union, told Business Standard.
The trade union has put forth its demand for a timeline on sale and want of an integrated buyer for its plant. Tata Steel, however, has not committed to anything.
“Like everyone, we too got to know of Thyssenkrupp being interested in buying this unit but the company was tight-lipped on this as well,” said Patel.
While the trade unions continue to demand government intervention, the government has also indicated that it knows of some buyers who would be interested in buying the plant.
“The trade unions are now meeting the Tata Steel UK management on Monday to understand what the Tata Steel board is looking at and its exact strategy for the sale. This meeting is going to be followed up with another on Wednesday,” said Patel.
In a bid to rein in their deteriorating financial performance, Tata Steel has announced its plan to sell its 10 million-tonne capacity in the UK, which is in Ebitda loss at present. Tata Steel, via this acquisition in Europe in 2007, had managed to put itself among the top 10 steel producers in the world.
“We met Koushik Chatterjee (Tata Group’s chief financial officer) and felt he is more of a messenger. The company is not really saying anything and so we have demanded a meeting with Cyrus Mistry,” Harish Patel, national officer (metals and foundry) at Unite, Britain’s largest trade union, told Business Standard.
The trade union has put forth its demand for a timeline on sale and want of an integrated buyer for its plant. Tata Steel, however, has not committed to anything.
“Like everyone, we too got to know of Thyssenkrupp being interested in buying this unit but the company was tight-lipped on this as well,” said Patel.
While the trade unions continue to demand government intervention, the government has also indicated that it knows of some buyers who would be interested in buying the plant.
“The trade unions are now meeting the Tata Steel UK management on Monday to understand what the Tata Steel board is looking at and its exact strategy for the sale. This meeting is going to be followed up with another on Wednesday,” said Patel.
In a bid to rein in their deteriorating financial performance, Tata Steel has announced its plan to sell its 10 million-tonne capacity in the UK, which is in Ebitda loss at present. Tata Steel, via this acquisition in Europe in 2007, had managed to put itself among the top 10 steel producers in the world.
