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Report: Tata Steel to shutter UK operations if not sold by May 28

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Report: Tata Steel to shutter UK operations if not sold by May 28

Tata Steel Ltd.will shut down its operations in the U.K. if it is not able to set up a of the troubled business byMay 28, the Financial Times reported April12, citing an unnamed source.

The deadline may be extended to mid-June. However, on the record,the company maintains that there is no cutoff date to reach a deal, the report added.

A formal sale process was launched April 11, with bidders expectedto sign letters of intent by the end of the month.

Earlier during the week, TataSteel UK Ltd. signed an agreement to sell its Long Products Europe businessto Greybull Capital, with The Telegraphreporting that the business was soldfor a nominal £1, with a £400.0 million investment package.

Tata Steel is also under investigationby the U.K. Serious Fraud Office for allegedly fabricating certificates specifyingproduction composition before they were sold.