Tata Steel parent company Tata Sons will select a new chairman within four months after removing Cyrus Mistry from the post. Former chairman Ratan Tata has been named interim Tata Sons chairman until a committee selects someone to fill the position. Tata Sons did not provide a reason for the move.

Mistry oversaw Tata Steel’s decision last March to divest its UK operations owing to their unprofitability. This was followed by the sale of its UK-based Long Products Europe division to investment office Greybull International, and the subsequent decision to halt any further disposal of UK assets after rumours of a European JV with thyssenkrupp surfaced.

Tata’s India-based steel deliveries in the fiscal quarter through June were flat on-year at 2.14 million tonnes (see Kallanish 13 September). Consolidated steel deliveries, including its Europe and South East Asia segments, fell -7% on-year to 5.41mt. Consolidated turnover declined -6% to INR 26,406 crores ($3.95 billion) and net loss deepened over 900% to INR 3,183.