Tata Steel’s UK losses hit £1.1bn on cost of closing Port Talbot blast furnaces

Tata Steel’s Port Talbot plant. Photograph: Toby Melville/Reuters

Losses at Tata Steel’s UK operations ballooned to £1.12bn due to the cost of closing Port Talbot’s two blast furnaces.

Accounts for the Indian-owned company show that pre-tax losses quadrupled from £279m to £1.12bn in the year to the end of March due to restructuring costs associated with the closure of its blast furnaces and coke ovens at the site in south Wales.