India-headquartered steel giant Tata Steel Group has decided to pull out of the UK altogether, rejecting a £100 million rescue plan to restructure the Port Talbot plant in Wales because it thinks the plan is unaffordable, according to the media sources.
Media sources also stated that Tata Steel said EU rules were partly to blame, mainly due to the blocks on national governments intervening to help fledgling industries with state aid.
Meanwhile, UK business minister Anna Soubry told media that the government is considering all options for Tata Steel's Port Talbot steel plant, but admitted they could be restricted in their actions due to harsh EU rules. Ms. Soubry also said that the government wants Tata Steel to allow time to find a buyer for the plant and, if it fails to find a buyer, other options will be considered including government support.