JSW Steel records a 39% growth in consolidated income in FY 17

Reuters

Reuters

The former British Steel scheme was shut at the end of March as part of Tata's plan to avoid going bust.

If the cash injection be completed in June, as analysts have anticipated, it would put to rest the long-standing situation over its pensions scheme.

It described those talks as "prolonged and intense". This includes a £550 million payment from Tata Steel to the BSPS, and the BSPS being awarded a 33% equity stake in Tata Steel UK.

The PPF is a lifeboat for pension schemes in Britain that run into trouble.

That is one of the issues that has still to be resolved, along with the size and shape of a new, but less generous, pension scheme that Tata has offered to set up for its 130,000 pension scheme members - pensioners and current employees.

The newly proposed deal would see the creation of a new scheme, and would be initially financially propped up by Tata Steel UK.

The company recorded its highest-ever crude steel production for the quarter at 4.10 million tonnes (MT), up 28% Y-o-Y and 6% Q-o-Q.

The pensions regulator said that while good progress had been made, there were still important details to be finalised.

The company has been in talks with ThyssenKrupp for a potential sale of the European operations, though the deal has been reportedly stalled by differences between the two over managing the pension liabilities of the United Kingdom assets. All employees in the United Kingdom can now opt into a defined contribution scheme.

It is understood these terms are in line with the published principles of both the TPR and the PPF but are still subject to formal approval by both organisations. In February 2017, members of trade unions GMB, Unite and Community voted to accept a pension proposal that included the closure of the DB scheme to future accrual and the establishment of a new defined contribution (DC) scheme. Members would then be given the opportunity to move to this new scheme prior to the existing scheme being assessed for entry to the PPF.

Crucially, this included the two organisations agreeing that Tata Steel UK was facing insolvency if its pension costs were not addressed.

But he warned: "Steel imports into Europe rose by a further nine per cent a year ago which continues to restrict domestic growth".

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