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Tata Steel's Port Talbot counting on £500m rescue deal 2,800 jobs could be axed in switch to less carbon-intensive electric arc furnaces By John Paul-ford Rojas and Emily Hawkins Updated: 22:01, 7 September 2024 e-mail View comments A £500million state rescue deal for Tata Steel’s Port Talbot plant will be confirmed this week. Business Secretary Jonathan Reynolds will give the Government’s backing for an agreement that the Mail on Sunday understands will be similar to the one thrashed out under the Tories. That deal involved switching to electric arc furnaces and shutting blast furnace production – costing thousands of jobs.
Deal: A £500m state rescue deal for Tata Steel’s Port Talbot plant will be confirmed this week During the election campaign, Keir Starmer had attacked the deal, throwing it into doubt. Ministers are likely to point to other aspects which they will say represent an improvement on the Tory deal. RELATED ARTICLES Previous 1 Next Industry woe for 'the sick man of Europe' Germany MARKET REPORT: Burberry hits 14-year low after Footsie exit ALEX BRUMMER: Wall Street storm warning as US economy heads.
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.. Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa Reynolds told the BBC last month that ‘job guarantees’ would be part of talks with Indian-owned Tata and that there was a ‘better deal available’.
An announcement is expected in the middle of this week, the Mail on Sunday has been told. The Department for Business and Trade would not comment. Some 2,800 jobs could be axed in a switch to less carbon-intensive electric arc furnaces.
The first furnace, known as Blast Furnace 5, closed in July after 65 years of operating. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission.
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