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Tata Steel 'reviewing all options' in sale of UK business

Tata Steel is reviewing all options for its UK business including sale, ITV News understands.

The company said there is "no shortlist" yet for potential buyers.

ITV News' Wales Correspondent Rupert Evelyn has the latest:

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Steelworkers march through London in protest

Hundreds of steelworkers from across the UK have marched through Westminster to put pressure on Tata and the Government to save the crisis-hit industry.

They were joined by the Labour leader Jeremy Corbyn, chanting "Save Our Steel" as they walked past Parliament.

The march came as the management buyout team bidding to purchase the UK assets of Tata Steel made it clear it is working alone rather than in conjunction with another group.

There have been reports that Excalibur has met officials from Liberty House about a possible link-up. The two are believed to be leading bidders for Tata's UK plants.

The Indian conglomerate's board is meeting in Mumbai to draw up a shortlist.

Corbyn joins steelworkers on march through London

The Labour leader Jeremy Corbyn has joined steelworkers on a march through Westminster to highlight the steel crisis in the UK.

The board of Tata Steel meet in Mumbai on Wednesday to discuss bids for the takeover of its UK assets.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have traveled to the India city for talks.

Mr Corbyn called on the government to save the industry.

It's the basis of manufacturing economy. It's got to be saved. The government has got to be prepared to intervene.

– Jeremy Corbyn, Labour leader
  1. Wales

Welsh secretary 'determined' to find solution to Tata's complex pension issue

The Welsh Secretary says the Government is determined to find a solution to Tata's complex pension issue.

It came after Stephen Kinnock asked what measures had been taken to ensure a viable and sustainable pension scheme will be developed as a result of the sale of the business.

Alun Cairns said he's met with Business Secretary following his meetings with Tata in Mumbai to discuss the main issues surrounding the sale including the pensions, power and plant.

Steelworkers march through Westminster in protest

Credit: Matthew Thom

Steelworkers are marching through Westminster to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

Credit: Matthew Thom
Credit: Matthew Thom

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Excalibur Steel 'working alone' on Tata bid

Credit: PA

Excalibur Steel is "working alone and is not currently contemplating acting in conjunction with any third party" in its bid to buy Tata Steel's UK assets, ITV News has learned.

On Sunday it was reported that Liberty House and Excalibur Steel UK could be considering working together to buy the Tata Steel UK operation, before Excalibur's Chairman said this was "completely untrue".

The company has now said it will not be working with any other firm.

Excalibur Steel UK Ltd was created as an entity to manage the financing of an employee and management led buy-out of Tata Steel UK Ltd.

Recent media speculation has suggested that Excalibur is not pursuing this objective independently. This is incorrect.

Excalibur is working alone and is not currently contemplating acting in conjunction with any third party.

– EXCALIBUR STEEL STATEMENT

Steelworkers gather in Westminster for protest

Credit: Matthew Thom

Steelworkers have gathered in Westminster ahead of a march to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

The march comes as a shortlist of bidders is drawn up for the UK assets of Tata Steel, including the Port Talbot plant in south Wales.

Tata's board meets in Mumbai on Wednesday to discuss the prospect of sale, which would save thousands of jobs.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have traveled to the India city for talks.

Credit: Matthew Thom
Credit: Matthew Thom

Port Talbot workers head to London to protest

Hundreds of steelworkers are heading to London to demonstrate and put pressure on the government to help secure the future of the steel industry.

Today is a crunch day for the workers as Tata's board is meeting to discuss the bids.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have travelled to India for the meeting.

ITV News' Rupert Evelyn reports:

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M&S boss warns revamp will hit profits

Marks & Spencer has reported a 4.3% rise in underlying pre-tax profits to £689.6 million for the year to the start of April - but its new boss says profits will take a hit as he announced price cuts and a revamp of its clothing range.

Steve Rowe, who took over from Marc Bolland as chief executive last month, said M&S will reduce everyday prices while cutting back on promotions and clearance sales.

He said the store will remain focused on quality through "fabric, fit and finish" and reduce the number of product lines in its autumn/winter ranges.

In effort to improve customer service, more staff will be put in store, particularly in cafes and changing rooms.

Our results last year were mixed. We continued to outperform on food but we underperformed on clothing and home sales. This is not satisfactory and today we are outlining our initial plans to address the issues and to position Marks & Spencer to deliver profitable sales growth.

– Steve Rowe, Marks and Spencer Chief Executive
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