Government offers multi-million pound support package to save Tata Steel

The UK and Welsh governments have pledged a package of support, worth hundreds of millions of pounds, to potential buyers of Tata Steel UK.

Business Secretary Sajid Javid has redoubled his efforts to secure new investment into Britain’s steel industry, revisiting Mumbai this week to discuss a potential sales process with Cyrus Mistry, Tata’s Global Chairman.

Since Tata announced its intention to divest its UK operations, Javid and the government have been active in efforts to broker a deal to keep Tata alive in the UK.

The government is offering bespoke financial support to would-be buyers, tailored to a purchaser’s individual strategic and financial needs, to ensure the security of the company’s future.

Mr Javid said: “This Government is committed to supporting the steel industry to secure a long-term, viable future and we are working closely with Tata Steel UK on its process to find a credible buyer.

“The detail of our commercial funding offer is clear evidence of the extent of that commitment.

“Ministers have visited Tata Steel sites across the country and the pride and dedication of the highly skilled men and women working there is obvious to see.

“We have already delivered on energy compensation, on tackling unfair trading practices and on procurement of British steel, and we will keep on going further to support this vital industry.”

First Minister of Wales Carwyn Jones added: “We have worked with the UK Government to put in place this significant package of support and we believe that this will help secure a successful sale of Tata Steel’s operations in Wales and the rest of the UK.”