£500 million UK Gov grant for TATA Steelworks
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.
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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.