Tata Europe posts an operating profit as group losses mount

Billy Bambrough
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Industrial Views Across The Dee Valley
The Port Talbot steel plant is the largest of Tata Steel's UK operations (Source: Getty)

Indian steel giant Tata has slumped to a net loss of 31.8bn rupees (£358m) for its latest quarter due to continued uncertainty over its UK operations.

However, the European division, which includes the Port Talbot steelworks, eked out an operating profit of £90m during the quarter.

Sterling weakness and an extensive cost cutting programme were credited with improving the division’s fortunes.

Read more: China warns EU steel tariffs will hurt the bloc's manufacturers

The sale earlier this year of its Scunthorpe plant to investment group Greybull Capital weighed on European results though.

Meanwhile, steelworkers from across the country came together at the TUC Congress in Brighton, vowing to step up efforts to protect the Port Talbot steelworks. A drawn out sales process was put on hold in July due to the possibility of a European tie-up with ThyssenKrupp.