Tata Steel workers begin voting on UK plant rescue
Tata SteelBSE 0.10 % workers today began voting on a plan, that includes 1 billion pound investment over 10 years, to rescue the Indian conglomerate’s UK operations, with a result of the ballot expected by mid-February.
Steelworkers’ unions and officials have agreed to endorse Tata Steel’s proposal involving a 1-billion-pound investment plan over 10 years in an effort to save thousands of jobs across the company’s UK operations, which includes the Britain’s largest steelworks at Port Talbot in Wales.
The plans are dependent on the current British Steel Pension Scheme (BSPS) being spun off into a separate entity to overcome its 15-billion-pound liability.
The three main workers’ unions – Unite, GMB and Community – which have come together as the National Trade Union Steel Coordinating Committee (NTUSCC), had issued a joint statement describing the proposal as the “best outcome”.