UK will not follow Biden’s ‘subsidy bowl’ economic policy, Chancellor says September 16, 2023 The government’s £500m intervention into Britain’s biggest steelworks is not a sign that ministers are set to follow Joe Biden’s “subsidy bowl” economic policy, the Chancellor has said. Jeremy Hunt insisted that the financial backing for Tata, the Indian conglomerate owner of the Port Talbot steelworks in South Wales, came after “very credible commitments” were [...]
Tata: 3,000 jobs at risk despite government pumping £500m into UK’s biggest steelworks September 15, 2023 The Government is to pump up to £500 million into Britain’s biggest steelworks as part of plans to produce “greener” steel which could also hit thousands of jobs, sources have said. Tata, the Indian conglomerate that owns the Port Talbot steelworks in South Wales, will use the funding to help switch the plant’s two coal-fired [...]
Port Talbot: 3,000 of jobs at risk as Tata steelworks bids to make ‘greener’ steel September 15, 2023 There are concerns that thousands of job losses are set to be announced at Britain’s biggest steelworks under plans to produce “greener” steel. Tata, the Indian conglomerate that owns the Port Talbot steelworks in south Wales, has been in talks with the Government for months over state aid worth hundreds of millions of pounds to [...]
Government ‘in talks with Tata Steel to provide £500m funding package’ – but 3,000 jobs at risk September 2, 2023 The Government is reportedly in advanced talks with Tata Steel to provide a £500 million funding package aimed at safeguarding the long-term future of a key part of Britain’s steel industry. The deal would secure £1 billion for the group’s Port Talbot steelworks but could lead to as many as 3,000 job losses, according to [...]
Subsidise green steel with cheaper energy deals, says think tank August 29, 2023 Renewable developers should offer cheap electricity for steel producers to enable them to ramp up production to meet the UK’s green ambitions, a leading climate think tank has argued. A potential ‘energy for steel’ arrangement would see project owners of wind and solar farms offer cheap electricity directly to steel producers – through a power [...]
Feeding off scrap: Steel industry must go green if it wants taxpayer support April 17, 2023 The steel sector must embrace scrap supplies if it wants to present a viable green future and win over taxpayer support for more funding.
Steel yourselves: Severfield announces record UK order book March 27, 2023 Steel group Severfield has posted a bullish trading update, revealing a record order book for projects in the UK and Europe.
Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case March 14, 2023 Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
UK falling behind EU rivals in green steel race, climate group warns March 7, 2023 The UK is falling further behind its European rivals in the race to develop green steel plants, according to a top climate think tank.
British Steel confirms 260 jobs at risk amid coke oven closures February 22, 2023 British Steel announced 260 jobs are at risk amid proposals to close its coke ovens at its plant in Scunthorpe. The firm said the UK remains “uncompetitive” compared to rival markets with energy and carbon costs “some of the highest” globally. It said it had seen a £190m rise last year and the facilities were [...]