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Tata Steel looks to sell UK plants

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Tata Steel looks to sell UK plants

Tata Steel Ltd.is investigating the potential sale of all of its U.K. plants as part of a restructuringof the troubled business, several media reports revealed March 30.

BBC News reported that the Indian steelmaker told its Europeanparent to "explore all options for restructuring," including a partialor full sale of the U.K. operations.

According to Sky News, the U.K. business employs at least 15,000workers that could find themselves out of a job if a full sale goes ahead.

The news follows a deal that will see Tata Steel its Clydebridge and Dalzell steelfacilities in Scotland to the country's government.

The company is also still in negotiations to the rest of its Long ProductsEurope business to Greybull Capital.

In January, it was revealed that Tata Steel would , including750 at its Port Talbot plant in Wales. Around 1,200 jobs were dropped at the Scunthorpe and Lanarkshireoperations in England and Scotland, respectively, in October 2015.

The restructuring decision was reportedly made in Mumbai, India,on March 29.

In a statement cited by Sky News, Tata Steel said the board hadunanimously concluded that a plan aimed at saving plants including Port Talbot wasunaffordable.

The company added that it had been in "deep engagement"with the U.K. government in seeking its support to achieve the best possible outcomefor the U.K. business.

The U.K. and Welsh governments said in a March 30 joint statementthat they "remain committed to working with Tata and the unions on a long termsustainable future for British steel making."