Recently, Tata Steel stated that it will close some of its non-core businesses in the UK, which will result in layoffs for about 400 positions.
Tata Steel planned to focus on its sheet and strip business, and the firm has started to sell its non-core businesses in Europe since May 2018.
Orb Electrical Steels, located in South Wales, England, was about to be closed since it’s been in a loss stage. Orb Electrical Steels is an electrical steel producer of the Cogent Group, one of five non-core businesses.
In addition, Cogent Power, a subsidiary of the Cogent Group, was going to be sold to a Japanese company.
Also, a Turkish army pension fund Oyak will take over British Steel who previously declared bankruptcy and later was acquired by Tata, which might save thousands of job positions.
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