He said the company's United Kingdom operation was not cash positive last year, adding: "But the plan for this year is for it to be cash positive".
Meanwhile, Tata Steel shares tumbled 6.10 per cent to close at Rs 487.30 on the BSE, while it dropped 6.20 per cent to close at Rs 486.95 on the NSE, according to a PTI report.
Commenting Unite national officer for steel Tony Brady said: "Unite will be pressing the board of Tata over its plans for Tata Steel in the wake of news that the proposed joint venture with ThyssenKrupp is effectively off".
Last month, Tata Steel had said it was working with Thyssenkrupp to secure the required regulatory approvals for the proposed 50:50 JV. We expect that the EU-Commission informed of the merger under the forecast, Thyssenkrupp on Friday.
Tata Steel Europe and Thyssenkrupp had signed definitive agreements on June 30, 2018 to create a 50:50 pan- joint venture that would have created a steel behemoth and help salvage the struggling Tata Steel Europe, which was created after the Tatas bought out the loss-making English alloy major Corus in 2007 for Dollars 13.1 billion.
Tata Steel said that both the companies, based on the objections received from the European Commission, tried to put together a comprehensive package of remedies, but the reply from the commission indicates that the remedies have not been able to get the proposal cleared.Читайте также: McCollum leads Blazers past Nuggets 100-96
"One of the fundamental strategies of going ahead in the (merger) deal was to create a more sustainable business".
"This is not the end of strategic play as far as Europe is concerned and we will look at other options", said Tata spokesman Kaushik Chatterjee.
"Tata Steel remains committed to the above strategy and would explore all options to achieve similar outcomes in the future. Compared to a Dollars 1-billion target, we done much more, in fact double that in the last six months at the gross level and we will focus on internal generation and also look at more asset sales", he said.
Roy Rickhuss, General Secretary of the steelworkers' trade union community, said: "It's important that there are no kneejerk reactions by Tata Steel in response to this development".
"Tata Steel's workforce has been on a rollercoaster of uncertainty for several years".
He said he would now "swiftly prepare" but wait for the right moment for an elevators IPO, in which Thyssenkrupp would initially keep a majority.
The Essen-based company said further concessions would have weakened the venture to such an extent that it would have no longer made business sense.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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