Tata Warns of Brexit Implications for its UK Businesses

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Global multinational Tata group is warning the U.K. that losing skilled workers could make it rethink its businesses there and one of China’s important state planners has given a forecast of just how much steel capacity it expects to cut this year.

Tata Warns That Skilled Labor Exodus Would Effect its UK Businesses

India’s $100 billion Tata group said in a statement on Friday that access to markets and the necessity of a skilled workforce would remain important considerations for its businesses in Britain, which on Friday decided to leave the 28-nation European Union bloc.

Two-Month Trial: Metal Buying Outlook

Tata has 19 independent companies in the U.K., a Tata Sons spokesman said in the statement, including luxury automaker Jaguar Land Rover, Tetley Tea and its struggling steel plants, which are up for sale.

China Plans 45 Million Metric Tons of Steel Capacity Cuts in 2016

China plans to cut its steel production capacity this year by 45 million metric tons and lower coal output capacity by 280 mmt, the head of the country’s top economic planner said on Sunday.

Two-Month Trial: Metal Buying Outlook

The capacity cuts will involve relocating 700,000 workers in the coal sector, and 180,000 workers in the steel industry, Xu Shaoshi, chairman of the National Development and Reform Commission, said at the World Economic Forum in the northern city of Tianjin. Xu said he was very confident that China will achieve the 2016 targets.

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