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Tata Steel sparks outcry over crisis-hit sector

The Tata Steel plant in Scunthorpe, northeast England, where thousands of jobs are at risk after the Indian steel giant announced plans to sell its British assetsIndian giant Tata Steel on Wednesday put its British business up for sale, sparking calls for the government to intervene and safeguard thousands of jobs in the crisis-hit industry. Tata said in a statement that trading had “rapidly deteriorated” in Britain and Europe, adding it will “explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts”. The company blamed chronic global oversupply of steel, a “significant increase” in cheaper imports into Europe — particularly from China — and plunging prices in recent times.

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