Skip to content 
Search

Latest Stories

Concern over the future of Port Talbot plant as Tata Steel announces 'self-sustaining' plans

INDIA-BASED Tata Steel has said that the company plans to separate the UK and Netherlands arms of the business and keep the Port Talbot-based British business running without financial support from India.

Responding to the plan, Wales' economy minister Ken Skates said that it is 'extremely worrying' for Tata's 8,000 UK workers.


"The first minister is seeking urgent talks with the prime minister and I will speak to the secretary of state for BEIS (business, energy and industrial strategy) and the secretary of state for Wales to call for urgent action," Skates told the BBC.

"The industry is now waiting for the UK government to take immediate action to safeguard the sector and protect jobs."

According to the company, Swedish steel firm SSAB had initiated talks about the acquisition of its business in the Netherlands, including its steelworks at Ijmuiden, north-west of Amsterdam.

"This is a commercial decision for Tata Steel. We will continue to work with Tata Steel and other stakeholders as the company shapes its business strategy for the future. The UK government remains committed to supporting a sustainable, long-term future for steel making in the UK," the UK government said as reported by the BBC.

T V Narendran, CEO and managing director of Tata, said: "We are continuing our discussions with the UK government regarding the future strategy of our UK business."

About half of Tata's 8,000 UK workers are based at Port Talbot, with several other sites around Wales and the rest of the UK.

"Once again our steelworkers are facing challenging times following this news. Almost five years ago they and their families went through hell as their livelihoods came under threat with the then announcement of a proposed sale of the Tata steel plants in Wales," tweeted David Rees, the Labour MS for Aberavon.

Tony Brady, from the Unite union, said it was "essential" that Tata is able to keep trading with the EU after the end of the Brexit transition period on 31 December.

"Today's news effectively means that Tata's European steel business will now be based solely in the UK. With Brexit fast approaching it is essential that Tata's UK steel business is able to continue trading effectively across the EU," he said.

Roy Rickhuss, the general secretary of the Community Union, said Tata must now "reaffirm their commitment to the UK".

"There is no doubt a sustainable future for Tata Steel UK depends on Tata and the government concluding a deal that will support the transition to low-carbon steelmaking," he said.

The GMB union said it was "clear" that "manufacturers are expecting the UK to plot a different path from our European neighbours".

More For You

Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less
LET Mining: The world's leading cloud mining platform, the best way to earn passive income

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

Today, as the digital economy continues to evolve, passive income is no longer a wealth tool exclusive to the rich, but something that everyone can touch and participate in. With the integration of blockchain technology and green energy, LET Mining is providing global users with a new way of passive income: no operation, zero technical threshold, and daily income.

What is LET Mining?

LET Mining is an innovative cloud mining service platform that simplifies the complex cryptocurrency mining process into a few simple steps through cloud computing technology, allowing ordinary users to easily participate in digital currency mining and obtain stable passive income without purchasing expensive hardware equipment or mastering professional technical knowledge.

Keep ReadingShow less