£500 million UK Gov grant for TATA Steelworks

Local TV

Ministers in the UK government have voted in favour of a £500 million subsidy for TATA steel as part of plans to build a new electric blast furnace at their Port Talbot site. The money was originally promised by the Tories, and Labour have agreed to honour that commitment.

Transcript

00:00Ministers in the UK Parliament have voted in favour of a £500 million subsidy for Tata

00:07Steel to help pay for a new electric arc furnace.

00:11The saga of poor Talbot Steelworks has been ongoing, with 2,500 workers set to be made

00:16redundant with a further 300 made redundant at some point in the future.

00:22One of the current blast furnaces is currently being closed down, with the other set to stop

00:26operations by the end of September.

00:30The Welsh Government have been in discussions with Tata over the plans for the future of

00:34the plant, and there is hope that the £500 million grant from the UK Government, as well

00:38as a future promise of £2.5 billion, will safeguard steelworking in Wales well into

00:44the future.

00:46Some have called on the UK Government to drive down the cost of energy for steelworking plants

00:50to help keep the industry afloat, and the proposition of building steel parts for offshore

00:56wind farms here in Wales.

Category

Transcript

Recommended