Tata Steel has warned that it faces "material uncertainty" in the UK where it operates Britain's biggest steelworks in Port Talbot. The Indian multinational company's European subsidiary put out its annual financial results in which it warned factors including inflation and uncertainty around UK Government support could affect its ability to operate in the UK.
The results show Tata Steel Europe's earnings had fallen by 60% in the last year, the Financial Times reports. Before tax, interest, depreciation, and amortisation the company's European arm – which includes operations in Port Talbot, elsewhere in the UK, and in the Netherlands – reportedly made a loss of £176m in the final quarter of the year.
Tata's worries reportedly include interest and inflation rates and concerns over whether the UK Government's support to decarbonise would be adequate. As a result there is "material uncertainty" in relation to Tata Steel UK's future with the outlook "adversely impacted" by these factors.
