Published by Michele Maatouk on 11th September 2024
(Sharecast News) - The British steel industry is braced for 2,500 job cuts at the Port Talbot steelworks, with thousands more jobs at risk in the UK, as the government prepares a taxpayer-backed deal for the south Wales plant. The business secretary, Jonathan Reynolds, is expected to outline on Wednesday details of a rescue deal which will see the government hand the historic Welsh plant's owners, Tata Steel, £500m to build a new electric furnace - but at the cost of huge redundancies from the closure of its last remaining blast furnace. - Guardian