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Indian-owned Tata Steel is to cut about 3,000 jobs at a plant in Wales, a source said Thursday, as the industry struggles to finance greener production of the metal.

Thyssenkrupp slashes more jobs as pandemic bites

Tata Steel is seeking a £500 million ($622 million) bailout

Tata Steel Europe continues to reel from a battering inflicted by weak demand and cheap Chinese steel.

Tata Steel to cut up to 3,000 jobs in Europe

The future Tata Steel's biggest plant in Wales, which employs more than 4,000 people in Port Talbot, is also uncertain

The EU Commission vetoed a planned merger between ThyssenKrupp and Tata Steel in June

Excalibur Steel UK, a management buyout vehicle, plans to raise about 65 percent of the total funding from the banks.

U.S. officials largely blamed an overcapacity in China, amid slowing domestic demand in the Asian powerhouse, for the crisis facing the global steel industry.

The steel giant, whose British business has been badly hurt by the influx of cheap Chinese imports, began the formal sale process Monday.

British government contracts involving steel supplies will have to consider if they help create jobs and boost the local economy, along with factors of price and quality.

Prime Minister David Cameron said Thursday that his government is “doing everything it can” to save some 20,000 jobs at Tata Steel, Britain’s largest steelmaker.

The British prime minister's comments were made after an emergency meeting convened Thursday to discuss the steel giant's financial crisis in the U.K.

After a marathon board meeting in Mumbai, the Indian steel giant said the financial performance of the division had deteriorated sharply in recent months.

India's Tata Steel, Britain's largest steelmaker, said the financial performance of its U.K. arm had deteriorated substantially in recent months.

The latest round of layoffs arrives as the Indian steelmaking giant struggles to compete with cheap Chinese imports.

The news of the job cuts comes after days of speculation over the company's future plans in the U.K.

The ruling was one of the most complicated appeals decisions ever handled by the 19-year-old trade watchdog.

Most of the Asian markets rose Tuesday amid hopes that the Bank of Japan will soon announce stimulus measures to regain the economic growth momentum.

Asian markets were mixed Wednesday as investors remained watchful waiting for policymakers around the world to announce stimulus measures to boost the faltering global economy.

Most of the Asian markets fell Monday as investor concerns of the weakening global economic condition were revived as Japan's government lowered its assessment of the country's economy.

Asian markets were mixed Friday as investors remained watchful amid worries of the deepening debt burden faced by the euro zone and worsening global economic growth.

Bombay Stock Exchange's benchmark Sensex and NSE's Nifty on Monday, opened flat, and are hovering between the red and the green, signaling the volatility, as the market awaits June inflation figures.

Asian markets were rose Monday as investors are hoping that China will soon announce stimulus measures to regain the economic growth momentum.

India's BSE Sensex rose Tuesday, tracking positive cues from other Asian markets and following recovery staged by the rupee.

Bombay Stock Exchange's benchmark Sensex and NSE's Nifty opened on a negative note and continued in the red in the morning session Monday, weighed down by a slump in the FMCG and consumer durable shares.

Bombay Stock Exchange Sensex started on a negative note Friday and was trading in the red in the morning session.

The BSE Sensex dropped 0.4 percent on Thursday on concerns about earnings outlook and investors took profits after the main index rallied 15 percent over the past five weeks.

The BSE Sensex rebounded in late trade on Wednesday to post its highest close in 12 weeks, as metal producers and auto makers jumped, although investors were doubtful the rally could be sustained after a rise of nearly 12 percent so far this year.