Indian conglomerate Tata Steel incurred losses of £371mn ($414.96mn) in 2018-2019, up from £222mn($248.29mn) in the year prior, according to the local media.
The company’s chairman Natarajan Chandrasekaran announced that their Port Talbot steelworks in Wales needs to be self-sustaining. At present, India is funding the mounting losses at the plant.
Tata steel has steel making and processing mills at Port Talbot which produce hot rolled and cold rolled coil. The company sells 35pc of its UK-made steel to the automotive industry, which constitutes 50pc of UK carmakers’ steel requirements – including body panels, chassis components and wheels, according to their statement.
Port Talbot integrated steel works has an annual liquid steel production capacity of 5mn mt.