Tata secures £500mn of state aid for Port Talbot steelworks

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Financial Times 17h ago

Tata secures £500mn of state aid for Port Talbot steelworks - Financial Times

Quick Summary:

The deal also includes increased penalty payments in the event that Tata does not retain 5,000 jobs across its UK business once the transformation is complete.

Those unions had pushed Tata Steel to consider keeping one of its blast furnaces open until 2032 while the new furnace is built over the next three to four years.

Steel unions described the deal as a “tragic missed opportunity” that raises questions about whether the UK’s transition to a low-carbon economy will come at the immediate cost of huge job losses in the country’s industrial heartlands.