Live updates

Advertisement

Steelworkers accept 3% pay cut as part of Tata deal with Greybull Capital

Workers have voted to accept a temporary 3% pay cut and changes to terms and conditions as part of the deal to sell Tata Steel's Long Products business to Greybull Capital.

Members of Community, the GMB and Unite backed the changes, aimed at paving the way for the deal, which includes the huge steel plant at Scunthorpe.

Community officer Steve McCool said it was an "extremely difficult" decision, but the vote was a "major step forward" towards securing the future of the business.

The sale to Greybull is a rare piece of positive news for the industry, which is in crisis because of cheap Chinese imports and other issues such as energy costs.

Tata is looking for buyers for the rest of its UK business, including the Port Talbot works in South Wales, with thousands of jobs hanging in the balance.

Greybull Capital considering takeover of Rotherham and Stocksbridge steelworks

An investment company is considering a takeover of South Yorkshire's steel works.

Greybull Capital is already close to a deal with Tata Steel over the possible takeover of its Long Products business in Scunthorpe.

Now it has been reported that the firm is interested in doing a deal that would safeguard the Speciality Steel branch of the business - which produces high-end steel for aircraft, oil drilling and cars from two sites in Rotherham and Stocksbridge.

The news comes as steelworkers in Scunthorpe ballot over the conditions of a possible takeover.

Advertisement

  1. National

Sajid Javid in Brussels for international steel talks

Sajid Javid will discuss steel overproduction in Brussels on Monday Credit: PA

Sajid Javid will be in Brussels for talks on Monday to discuss the global overproduction of steel.

The Business Secretary will hold talks in the Belgian capital with counterparts from China, India and 27 other nations to "seek solutions to the overcapacity crisis".

Tata Steel, the Indian-owned conglomerate, announced it was putting its UK assets - including the Port Talbot plant - up for sale in March after prices were hit by China "dumping" steel on the global market.

New objections to Skegness hotel development

There are fresh objections to plans to build a major hotel chain on Skegness seafront.

Hoteliers say the development means they will not be able to offer sea views

Campaigners have already said they are taking legal advice after the council agreed to sell a controversial site, next to the town's pier, to a hotel developer.

East Lindsey District Council has previously accepted a bid from KCS Developments to build an 80-room Premier Inn despite strong opposition from local people.

The Save our Foreshore Group says it's not in the best interests of the town and may even take the case to judicial review.

Now, hoteliers say they will lose out because they will not be able to offer a 'seafront view'.

Steve Godbehere, from the Quorn Hotel, said: ''We have nine sea view rooms which are filled by regular customers most of the year.

''They come back purely to have those rooms and look over the sea. That's going to be taken away. It'll be like closing the curtains on the front of the hotel - a brick wall rather than lovely sea views.''

Developers said there would be a consultation:

''The development team for the proposed redevelopment of Pier Field are holding a public exhibition on the proposals on Thursday 21 April, 2pm to 7.30pm, at the entrance to Tower Gardens, Grand Parade in Skegness.

''The plans will be on display at the exhibition and the team will be available to discuss the proposals and answer any questions. It’s an excellent opportunity to view and input into the latest scheme.''

– James Anderson, on behalf of KCS Development
Load more updates