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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Tata Steel    TATASTEEL   INE081A01012

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Tata Steel : Government and unions welcome `important step` for UK steel industry

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09/28/2017 | 06:42pm CEST

Tata Steel Limited and ThyssenKrupp sign formal agreement that could secure the future of Port Talbot.

Updated: Correspondence link addedThe Business Secretary and the lead representative of the UKs three steel unions today (20 September) welcomed an important step for the countrys steel industry after Tata Steel Limited and ThyssenKrupp signed a formal agreement that could secure the future of Port Talbot.

Greg Clark and Roy Rickhuss, the chair of the National Trade Union Steel Co-ordinating Committee, said the deal between Tata and ThyssenKrupp had the potential to protect the long-term future of steelmaking at Tatas site in South Wales, its 4,000 jobs and the wider supply chain. The site is home to the Indian conglomerates strip steel business.

The government and unions said they welcomed the move as long as commitments to safeguard jobs and extend blast furnace operations over the long term at Port Talbot were maintained. Reassurances are also being sought on the relining of the sites second blast furnace.

The memorandum of understanding signed between Tata and ThyssenKrupp, the German engineering group, marks the latest stage in the development of a joint venture between the companies to build a pan-European steel enterprise. The company will become ThyssenKrupp Tata Steel.

Business Secretary Greg Clark said:

The government has been working hard with the unions to secure a sustainable future for Tata Steel in the UK, its 4,000 employees at the Port Talbot site and its supply chain.

Todays agreement between Tata Steel and ThyssenKrupp is an important next step in establishing their shared ambition for Port Talbot as a world-class steel manufacturer, with a focus on quality, technology and innovation.

Roy Rickhuss, General Secretary of Community and chair of the coordinating committee representing the Unite, GMB and Community unions, said:

The steel trade unions cautiously welcome this news and recognise the industrial logic of such a partnership. This would create the second biggest steel business in Europe which could deliver significant benefits for the UK.

As always, the devil will be in the detail and we are seeking further assurances on jobs, investment and future production across the UK operations. As a priority, we will be pressing Tata to demonstrate their long term commitment to steelmaking in the UK by confirming they will invest in the reline of Port Talbots Blast Furnace No.5.

The agreement follows close working between unions, Tata and the Government to ensure sustainable steelmaking maintains a central role in a strong and successful UK economy. It is hoped that the joint venture would also enable ThyssenKrupp Tata Steel, working with UK vehicle manufacturers and their supply chains, to contribute to the focus on innovation in the governments Industrial Strategy.

The joint venture comes after the recent conclusion of Tatas discussions with the British Steel Pension Fund, the Pensions Regulator and the Pensions Protection Fund about a plan to manage its pension liabilities. This enabled a Regulatory Apportionment Arrangement to be reached, giving pension scheme members the opportunity to transfer to a new scheme.

Notes to editors

View the Exchange of letters between the Business Secretary Greg Clark and National Trade Union Steel Co-ordinating Committee chair Roy Rickhuss to Tata Sons chair Natarajan Chandrasekaran ahead of 20 September announcement that Tata Steel was signing an memorandum of understanding with German engineering company Thyssenkrupp.

Source: www.gov.uk

(c) 2017 The Sun Publishing Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
THYSSENKRUPP -0.05% 20.64 Delayed Quote.-14.85%
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