Tata Steel’s UK Business Sinks Deeper Into Red

Tata Steel’s UK division sank deeper into the red over the past financial year, as output fell at the country’s largest producer because of repair work on a furnace. The manufacturer registered a 1 per cent increase in annual sales to £2.41bn in the period ended 31 March because of higher global steel prices, according to its annual report, the Financial Times reported. But its operating loss before one-off items widened to £157m, from £48m last year, because of lower liquid steel production and sales volumes, the company said. The main factor was a project to extend the life of one of the company’s two blast furnaces at Port Talbot in Wales, the UK’s biggest steelworks and one of only two sites left in Britain that produce steel from raw materials. Read more