Tata Steel ends in green as pension dispute at UK arm settles

NEW DELHI: Shares of Tata Steel gained as much as 2.15 per cent in intraday trade on Thursday after all four trade unions in company's UK arm accepted the proposals for changes to the British Steel Pension Scheme that will keep it open.

The stock ended the day flat, up 0.29 per cent or Rs 0.80 at Rs 281.50.

"Pensions dispute at Tata Steel that brought the company to the brink of the biggest industrial dispute in 35 years has ended. Members of all four unions at the company have voted to accept changes to the BSPS which will keep the scheme open," Community union said in a statement today.

Trade unions representing workers of Tata Steel UK had announced strike action on June 22 -- the biggest industrial action in the UK in over three decades -- over the proposed changes in the firm's pension scheme. Over 17,000 people work at Tata Steel across sites in Wales and around England.

However, on June 19, the unions - Community, Unite, Ucatt and GMB - suspended the strike action after Tata Steel proposed a new pension offer, which would keep BSPS open.

The consultative ballots on changes to the BSPS closed at noon today, the statement said.

"All union members were asked if they agreed with the unions' recommendation to accept the proposed changes that keep the BSPS open," it added.

A majority of members from all the four unions voted in favour of the proposal.

(With inputs from PTI)