Tata Steel closes on in UK plant deal
Tata Steel is edging closer to a deal with UK steel workers’ unions to keep its troubled Port Talbot plant, the country’s largest in south Wales, open until at least 2020, a media report said.
Union leaders will put a new rescue plan to its members this week, which could see investments into the UK’s largest steel plant in return for concessions on staff terms and conditions, according to ‘The Sunday Times’.
Central to the plan is retention of Port Talbot’s two blast furnaces, which turn iron ore and coke into molten iron.
The company has demanded curbs on the steel workers’ final salary pension scheme in return for saving UK steel jobs and providing some security for the future of steel production in the UK.
“We are seeking a positive future for the UK business and during discussions with the trade unions we made substantial future assurances to achieve this,” a Tata Steel statement said.