Government reportedly mulling over £400m to save Tata plant in Scunthorpe amid fears steel giant will axe another 1,000 jobs in Port Talbot
Whitehall is reportedly considering loaning £400m to rescue Tata’s Scunthorpe plant, amid fears that the steel giant is gearing up to reveal more job cuts at its Port Talbot plant.
The Sunday Times reported over the weekend that the department for business is weighing up a £400m loan as part of a takeover by the private equity firm Greybull Capital.
A BIS spokesperson declined to comment on the report, but said the government “continues to engage closely with Tata,” adding: “The government has taken clear action to help the industry, through cutting energy costs, taking action on imports, government procurement and EU emissions regulations, meeting key steel industry asks.”