Owner of Tata Steel rakes in £3bn profit as it axes 3,000 jobs due to ‘financial reasons’
The UK government has handed the company a £500 million subsidy to help pay for the new electric arc furnace at the site.
The UK government has handed the company a £500 million subsidy to help pay for the new electric arc furnace at the site.
'Thatcher closed the mines, Brexit closed the steelworks'
Most of the job losses will be at Port Talbot in south Wales.
Unions and Labour criticised the decision, warning it will have a devastating effect on the steel industry and Welsh economy.
Critics have had a field day blaming 'Net Zero' for the Tata Steel closure in Port Talbot - but the truth may lie much closer to home.
Downing Street said the Welsh Government had not contributed to the deal with Tata to save jobs.
An announcement is due after a board meeting of steel giant Tata in India.
The Labour leader made the vow as the industry faces painful job cuts as part of the drive to lower emissions.
The South Tees Development Corporation has reached a deal to acquire a major site which can now be cleaned up.
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