Tata Steel slips over 3% as British unions plans strike on June 22

NEW DELHI: Tata Steel Ltd slipped as much as 3.1 per cent in trade on Tuesday, after Unions representing workers at Tata Steel in Britain said they will go on strike on June 22, the GMB union said.

Tata Steel was trading 1.4 per cent lower at Rs 298.20. It hit a low of Rs 293.30 and a high of Rs 299.20 in trade today.

Other unions involved in the action are Community, Unite and UCATT. The four unions are in dispute with the company over proposed changes to their final salary pension scheme, Reuters reported.

"Ahead of June 22, the unions plan to embark on industrial action short of a strike, involving an overtime ban and a work to rule, from around the middle of next week," added the report.

Tata Steel said in a statement that it will shortly be announcing new measures to lessen the impact of the proposed changes to its pension scheme, which it says has a projected shortfall of over £2 billion.