Tata Steel is said to be announcing a pause on the sale of its UK business, including Port Talbot, according to the BBC. Its suspension is due to the increasing price of steel and the government’s incentives to prevent any large waves of unemployment after a potential sale. The UK government offered millions of GBP to safeguard thousands of jobs and has also assured that it would take a 25 percent equity stake in Tata Steel. The government has also pledged to reform the British Steel Pension Scheme, which is in a GBP 700 million deficit and has been a major block for potential buyers of Tata Steel’s UK business. The company, however, is still proceeding with the sale of its speciality steel making business in Hartlepool, Rotherham, and Stockbridge, which currently employs 2,000 people.
