London: British Prime Minister David Cameron yesterday assured the nation that his government is &ldquo;doing everything it can&rdquo; to save some 20,000 jobs at Tata Steel but warned there were &ldquo;no guarantees of success&rdquo; after India&rsquo;s steel giant decided to sell its loss-making UK businesses.
<img title="The Tata Steel steel plant at Port Talbot in South Wales. Pic/AFP" src="http://images.mid-day.com/images/2016/apr/BRITAIN-INDIA-LABOUR-INDUST.jpg" alt="The Tata Steel steel plant at Port Talbot in South Wales. Pic/AFP" /> The Tata Steel steel plant at Port Talbot in South Wales. Pic/AFP
ameron, who cut short his Easter break in Spain and rushed to London to chair a crisis meeting of the Cabinet following Tata Steel&rsquo;s decision, said nationalisation was not the answer but the government was &ldquo;not ruling anything out&rdquo;.
Cameron said the threat of thousands of job losses was &ldquo;very difficult&rdquo; and that his government would do &ldquo;everything it can&rdquo; but warned there were &ldquo;no guarantees of success&rdquo;.
&ldquo;This industry is in difficulty right across the world. There&rsquo;s been a collapse in prices, there&rsquo;s massive overcapacity,&rdquo; he told reporters after the cabinet meeting. Tata Steel, which operates the country&rsquo;s biggest steel plant at Port Talbot in south Wales, is losing 1 million pounds ($1.4 million) a day in its U.K. operations.
A sale or restructuring would likely involve heavy job losses. Tata Steel, one of the flagships of the over $ 100-billion Indian conglomerate Tata Group, said it has decided to &ldquo;explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts&rdquo; amid a &ldquo;deteriorating financial performance of the UK subsidiary in the last 12 months&rdquo;.
The Board of Tata Steel decided on Tuesday to decide on the future course of action in a bid to steer its embattled operations in Europe out of the rut, which face supply glut, increase in cheap imports from China amidst a continued weakness in demand in the European markets.

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Cameron, who cut short his Easter break to handle the situation, said the &ldquo;government is doing everything it can&rdquo;

No guarantee for success: UK PM David Cameron on Tata Steel crisis

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No guarantee for success: UK PM David Cameron on Tata Steel crisis

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