Steelworks future to be decided within days

By Admin
A recent Sky News article states that Tata Steel will meet on the 29 March to decide the future of the Port Talbot steel mill. In January, Tata announc...

A recent Sky News article states that Tata Steel will meet on the 29 March to decide the future of the Port Talbot steel mill.

In January, Tata announced the loss of 750 jobs at its site in Port Talbot which it later reduced to 726. In October 2015 it cut 1,200 jobs at its sites in Lanarkshire and Scunthorpe.

Sky sources suggest that initially it was understood that the Indian board would be presented with a rescue plan aimed at turning the plant around so that in two years it was making £100m a year profit rather than a £200m loss.

This would have been coupled with a £100m investment from the Indian board.

However, Sky News understands that sources on the site have raised concerns that instead the board will be presented with an unachievable plan which would mean the plant would have to turn itself around in one year.

They fear this will be rejected and the hoped-for investment will be withdrawn.

It is believed that over the next week efforts will continue in earnest to persuade the board to consider the original two-year rescue plan.

 

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