Tata Steel’s pensions deficit of nearly £500million is putting off potential buyers, the Business Secretary said.
Sajid Javid was grilled by MPs alongside Tata’s UK boss Bimlendra Jha over the future of the company’s assets, after it announced its withdrawal from the UK in March, putting thousands of jobs at risk.
The British steel industry has fallen apart in the last year due to a glut of Chinese imports and rising energy costs, with one in six steel jobs axed since August.
Javid said: ‘A number of the potential buyers have said that we won’t have much interest if we have to take over the current pension plan as it is.’
Jha said: ‘If this pension fund liability is not taken care of, there is no buyer sitting out there to buy this business.
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