The Mumbai-headquartered steel giant had announced plans to auction its Port Talbot steelworks in Wales earlier this year. Photo: AFPLondon: Tata Steel is set to freeze auction of its UK steelworks while it assesses the fallout of the Brexit vote, a media report said on Sunday. The newspaper has also reported in the past that the Tata Group had already been leaning towards retaining the plant before the Brexit decision. According to a report in ‘The Sunday Times’, Port Talbot sale has been put on ice as the company assesses the fallout of the Brexit voteTata is yet to make a formal decision but is under less pressure to sell after a jump in steel prices, which has cut losses at Port Talbot, the report said. We remain committed to working towards the best possible outcome for our UK business,” a Tata statement said.

Source: Mint July 03, 2016 11:26 UTC