“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt.
“With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran.
Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production.
"The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union.
He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.
Persons:
”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy
Organizations:
Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research
Locations:
Port Talbot, Wales, steelmaking, Britain, Germany