Tata Steel‘s share price shed early gains on Tuesday to slump back in the red.

What Happened: The Tata Group company is in the red today after having a great day at the bourses on Monday. The steel giant announced on Monday its decision to halt operations of the coke ovens at the Port Talbot plant in the U.K. In a regulatory filing, the company stated that it plans to increase imports of coke to mitigate the impact of the coke oven closures.

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This move comes as Tata Steel had previously acknowledged that many of its heavy-end assets in Port Talbot had reached their end-of-life capability. The company is currently engaged in advanced consultations with trade unions in the UK regarding its proposal for a planned restructuring, which involves the closure of iron and steelmaking assets at Port Talbot. Tata Steel aims to transition to a sustainable low-carbon steelmaking facility as part of this restructuring effort.

Brokerage firm Macquarie in its note on metals maintained the “outperform” rating for the stock raising the target price to ₹162 from ₹146. Apart from the Tata company, it has an “outperform” rating on Hindalco Industries, Coal India and Jindal Steel and Power.

The Tata Stock has had a great year at the bourses going up over 41%.

Price Action: Tata Steel’s share price was down 0.50% to trade at ₹148.95 on Tuesday morning.

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