A plan to secure the future of Port Talbot steelworks in south Wales is to be unveiled to staff.Read the full story ›
A plan to secure the future of Port Talbot steelworks will be unveiled to staff on Wednesday, ITV News understands.Read the full story ›
The multi-million pound financial package is expected to be announced next week, ITV News learns.Read the full story ›
The company plead guilty to two counts of breaching the Health and Safety at Work Act after the grisly accidents.Read the full story ›
Steelworkers at Port Talbot are concerned there may be job losses on the horizon after Tata say they will not be selling it as planned.Read the full story ›
There is only one bidder left with any real chance of buying Tata Steel UK, ITV News can reveal - but a deal is unlikely to be soon.Read the full story ›
Indian company Tata Steel have announced that they have completed the sale of their European business - to Greybull Capital.Read the full story ›
ITV News' Wales Correspondent Rupert Evelyn reports the latest from his sources close to the Tata Steel bidding process and explains what the latest consultation step means for the steel workers.
The steel trade unions have welcomed the Government's consultation on changes to pensions law as part of efforts to save Tata Steel and called on the company to uphold its "legal, social and moral responsibilities" to steel workers.
In a combined statement, Community, Unite and GMB endorsed the move to avoid the "unmitigated disaster" of the British Steel Pension Scheme (BSPS) going into the financial safety net of the Pensions Protection Fund (PPF) with a sale of Tata's assets.
It is important that all stakeholders continue to explore all available options that avoid the need for the scheme to go into the PPF, which would be the worst deal for scheme members.
It is important to remember that Tata Steel remains the employer and sponsor of the BSPS. They have significant legal, social and moral responsibilities with regards to the British steel industry and those men and women who have worked and continue to work within it.
The Human Resources director for Tata Steel's European operations said the consultation would enable a "better outcome" for the vast majority of members of the BSPS.
We welcome the inclusion of an option to change the way that future payments in the scheme are increased. This option, which is fully supported by the pension scheme's trustees, provides a way for the scheme to continue to operate on a well-funded, low-risk basis indefinitely.
The British Steel Pension Scheme was set up on the basis that pension increases would be provided so long as they remained affordable. The proposed legislative changes would allow this unusual rule to operate as intended. That means it's unlikely that a regulatory change would affect other final salary pension schemes.
Business Secretary Sajid Javid has confirmed the Government is set to launch an "open consultation" on changes to pensions law as part of efforts to save Tata Steel despite being "very wary of setting a precedent".
The consultation, which will run until June 23, sets out a number of different options for the British Steel Pension Scheme and its 130,000 members.
The scheme includes 14,000 people currently employed by Tata or another employer, 32,000 are deferred (no longer employed by Tata but below the scheme's normal pension age) and 84,000 pensioners.
The Government has been warned against the impact of setting a precedent by seeking to change pension law.
"No decision (on Tata's future) has been made," Mr Javid told MPs. "We are very wary of setting a precedent ... this is very much about this scheme and this scheme only in these very unique circumstances."
Shadow business secretary Angela Eagle warned against cutting the fund's long-term liabilities by benchmarking it to the consumer price index (CPI) rather than the higher retail price index (RPI), saying: "This change is currently illegal."