Tata Steel needs '£ 500m government bailout' as Covid-19 halts production – The Guardian,

The steel rolling mill at Port Talbot steelworksThe steel rolling mill at Port Talbot steelworks Tata Steel employs 8, (people across the UK, including more than 4,) workers at the Port Talbot steelworks. Photograph: Toby Melville / PA The UK’s biggest steel producer needs about £ m in government support to see it through the coronavirus crisis, according to Welsh MP Stephen Kinnock. Tata Steel has approached the UK and Welsh governments for a bailout after its big European customers halted production,

Sky News reported

on Saturday. Discussions are said to be underway with the Treasury and the Department of Business, Energy and Industrial Strategy.

The company employs 8, people across the UK, including more than 4, 06 workers at the Port Talbot steelworks in south (Wales) Aberavon MP Stephen Kinnock raised the issue on Wednesday, urging the government to raise the limit on its Coronavirus Large Business Interruption Loan Scheme. “The government (is capped at £) (m, which is only one) th of what Tata Steel believes will be the cashflow impact on the company over a six-month period, ”he said. Will the government now urgently take steps to lift the loan cap to a level that will give our steel industry a fighting chance of surviving this crisis? ” Stephen Kinnock (@ SKinnock) (Today in) # PMQs I told the Acting PM that the govt must urgently lift the £ m cap on loans to large firms hit by # Covid.
There will be no post-pandemic economic recovery unless we have a strong and healthy Welsh & British steel industry. (@TataSteelUK) @ CommunityUnion (O) (April) ,
In reply the foreign secretary, Dominic Raab, said: “ I know that the chancellor is looking carefully at the steel sector in the hon. gentleman’s constituency, and at all those who are not directly benefiting from this particular scheme to ensure that in the round we are providing the measures that we need in a targeted way to support all the different crucial elements of the economy. ” This weekend is a Tata Steel spokesman told Sky News: “We continue to work with both the UK and Welsh governments to identify what support is available.” A UK government spokesperson said : “The government has put together a far-reaching package of support to help businesses through the coronavirus pandemic. “We continue to regularly engage with businesses across all sectors, including those in the steel industry. ”

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