Rescue Deal: Service Centre and British Steel

rescue deal: Tata will also close a service centre in Wolverhampton, which employs 26 people, according to The Guardian. The closures come after British Steel went into liquidation in May, but talks are continuing between the government and a division of the Turkish military pension fund Oyak over a rescue deal that could save more than 4,000 jobs. The Orb Electrical Steels plant in Newport, south Wales, owned by a European subsidiary of the Indian conglomerate Tata, is to shut after 121 years of steelmaking. Tata Steel previously owned British Steel before selling it to the investment firm Greybull Capital for 1 in 2016. The company said the closures had nothing to do with Brexit; competition from much larger players in China and Japan is understood to be the key reason. Tata's European boss, Henrik Adam, said I recognise how difficult this news will be for all those affected and we will work very hard to support them. (news.financializer.com). As reported in the news.