UK. Tata Steel unions urge benefits to be restored after £1.6bn profit
Tata Steel moved back into profit at the start of this year, in large part due to a boost of more than £1.5bn from the restructuring of its pension scheme, prompting unions to demand that cuts to members’ benefits be reversed.
The Indian steelmaker swung to a profit of 146.9bn rupees (£1.6bn) in the three months to the end of March, from a loss of 11.7bn rupees a year earlier. It benefited from a one-off gain of £1.54bn related to the restructuring of its British pension scheme.
Britain’s Pensions Regulator agreed last year to allow Tata Steel UK to reduce its £15bn pension scheme liabilities, the main stumbling block in the Indian steelmaker’s efforts to merge its European business – which includes the Port Talbot steelworks in south Wales – with Germany’s Thyssenkrupp.
Read More: The Guardian