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

London’s wages fall 5.6% since 2008, second worst...

March 10, 2025

BTC vs Gold – Which is the Best...

December 29, 2022

Octopus hits back at challenge to Bulb deal...

March 3, 2023

Push for Community-Driven Blockchain Innovation Through Reactive Network

July 22, 2024

Lloyds rack up £300m of likely scam Covid...

September 6, 2022

Data Collection: Empowering Businesses with Insights

April 4, 2024

Rachel Reeves unveils £15bn regional transport investment to...

June 4, 2025

6 Reasons Why Software Development Is Important?

January 17, 2025

Co-op to give all staff paid leave for...

October 31, 2022

7 Technologies To Revolutionize Your Short-Term Rentals

January 15, 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

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • 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