LONDON (Web Desk) – Indian giant Tata Steel put its British business up for sale.

Tata said in a statement that trading had “rapidly deteriorated” in Britain and Europe, adding it will “explore all options for portfolio restructuring including the potential divestment of Tata Steel UK, in whole or in parts”.

The company blamed chronic global oversupply of steel, a “significant increase” in cheaper imports into Europe — particularly from China — and plunging prices in recent times.

Tata is also battling high costs, currency volatility and weak global demand for steel, which is mostly used in construction.