Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Tata Steel workers and suppliers receive £13.5 million in emergency funding amid Port Talbot restructuring

by August 15, 2024
August 15, 2024
Tata Steel workers and suppliers receive £13.5 million in emergency funding amid Port Talbot restructuring

The UK government has announced the release of £13.5 million in emergency funding to support supply chain businesses and workers impacted by Tata Steel’s restructuring plans at its Port Talbot site in South Wales.

The funding marks the first allocation from a transition board set up to manage the effects of Tata’s shift from traditional blast furnaces to more environmentally-friendly electric arc furnaces, which could lead to the loss of up to 2,800 jobs.

Tata Steel, which is closing one of its two blast furnaces at Port Talbot and is scheduled to shut down the second early next month, is transitioning to less carbon-intensive steelmaking. This move is part of a broader £750 million investment in green steel, supported by a £500 million government package agreed last year. However, the new electric arc furnace is expected to employ fewer workers and will take years to become operational.

In addition to the emergency funds, the government and Tata have set up a transition board, co-led by unions, with access to £100 million aimed at skills development and local regeneration, with £80 million coming from the state and £20 million from Tata. This initial funding is intended to help local businesses, heavily dependent on Tata as their main customer, diversify into new markets and customers. It will also provide support for workers affected by the transition, helping them find new employment opportunities, training, and skills development.

Jo Stevens, the Welsh Secretary and chairwoman of the transition board, will formally announce the £13.5 million funding on Thursday. Stevens, who has a personal connection to the steel industry through her upbringing near Shotton steelworks, emphasised the importance of avoiding the devastating impacts of mass redundancies seen in the past.

As part of ongoing negotiations, Labour has called on Tata to consider retaining one blast furnace until the new electric arc furnace is operational. However, Tata has rejected this proposal, citing higher costs for the taxpayer. Labour has also pledged a £3 billion “green steel” fund to support the industry’s transition, building on the £500 million support package already agreed.

Stevens is expected to visit local manufacturers and Tata suppliers during her announcement, further underlining the government’s commitment to securing a sustainable future for the steel industry in Port Talbot. More announcements regarding further funding tranches are anticipated in the coming weeks.

The emergency funding initiative has garnered support from more than 50 local businesses and institutions, including the Royal Mint and Cardiff Metropolitan University, who have pledged to assist workers displaced by the steelworks’ transition.

Read more:
Tata Steel workers and suppliers receive £13.5 million in emergency funding amid Port Talbot restructuring

0
FacebookTwitterGoogle +Pinterest
previous post
Silicon Valley tech firm apologises for sexist stunt after backlash at industry event
next post
AstraZeneca’s £450 million vaccine plant at risk as government reconsiders financial backing

You may also like

AI to Design Drugs in the Near Future,...

February 27, 2024

‘Free money’: £4bn lost to fraud and error...

August 5, 2024

US-China trade war risks wiping £8.5bn from UK...

November 15, 2024

Cheshire Cheese Company sold to overcome Brexit barriers...

November 15, 2022

AMIRA & CO Is Proof That Disrupting the...

November 9, 2022

Liberty Speciality Steel collapses into administration and government...

August 21, 2025

How can SMEs make the most of LLMs?

August 1, 2024

Virtual Meetings Interrupt the Working Day, Survey Finds

June 21, 2024

EIS investments fall sharply despite tax breaks, raising...

May 15, 2025

Navigating UK Online Gambling Regulations: What Hong Kong...

November 18, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Barclays exits Entercard joint venture with £200m sale to Swedbank

      August 28, 2025
    • Is Trump considering bold Africa play to push back on China, Russia and Islamic terrorists?

      August 28, 2025
    • ‘Gender bonus bias’ revealed as men nearly 1.5 times more likely to receive bonuses than women

      August 28, 2025
    • Four in five online small businesses expect growth despite UK economic headwinds

      August 28, 2025
    • Tesla sales slump 42% in Europe as BYD overtakes market share

      August 28, 2025
    • “XRP Futures Hit $1B — WinnerMining Cloud Mining Shows You How to Earn $1,850 a Day”

      August 28, 2025

    Categories

    • Business (8,908)
    • Investing (2,246)
    • Politics (16,504)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved