Live updates

Tata steel: "We are determined to find a buyer for our assets"

TATA steel sign: the company say finding a buyer for their assets - including Hartlepool - is a priority

Steel giant Tata blames "structural weaknesses" in the UK for its decision to sell its assets - including the Hartlepool Pipe Mill site.

Bimlendra Jha, chief executive of Tata Steel UK told MP's he was "determined" to find a credible buyer, but stressed the government "will probably have to do more" to help secure a sale.

He went on to say that there was no set deadline for selling the company's loss-making assets, but made it clear that Tata could not continue to "bleed" indefinitely.

Jha, who oversaw the sale of Tata's Scunthorpe works earlier this month, said there is no "dead drop" deadline for the sale of Tata's steel assets, but stressed that is a "matter of urgency" for the company.

"We would not be selling the business if we were not losing money," said Mr Jha, adding that the UK had structural weaknesses around energy prices and business rates.

He said that if energy prices were the same as in Germany for example, Tata would be £40 million better off.

Advertisement

SSI Chief claims 'it would be possible to resume operation of SSI UK'

Win Viriyaprapaikit, right, with the Prince of Wales, centre, and Derek Thomas, Project Director of SSI Steel Credit: PA

Win Viriyaprapaikit, the president and chief executive of SSI, has told the Bangkok Post "it would be possible to resume operation of SSI UK", in order to generate revenue for the loss-making subsidiary.

SSI UK employed over 2,000 workers at its Redcar site, before closing operations at the beginning of October 2015.

Community Union, which represents Redcar steel workers, has said that Mr Win should come to the UK to explain his intentions for the North-East:

SSI was quick enough to turn their back and leave behind a devastated community. The least Mr Win could do is come to the UK and explain what his intentions are. That site cannot be allowed to rot for years, it must be returned to useful economic activity which brings the decent jobs back that this struggling community so desperately needs.

As the union for SSI workers Community has made it clear that we will continue to support and campaign for our members who have been affected until they return to employment and the community recovers. We know this won’t happen overnight but what don’t need is a company that abandoned us blocking Teesside’s chances to recover.

– Paul Warren, former SSI worker and Regional Organiser for Community

Advertisement

  1. National

Sajid Javid to visit Port Talbot amid search for buyer

Mr Javid is on his way back to South Wales to meet steelworkers Credit: PA

The Business Secretary is to visit the giant Port Talbot steelworks today as he returned from a meeting with the plant's owners at Tata Steel to press them for time to find a buyer.

Sajid Javid confirmed he was on his way to South Wales, where he is expected to meet managers and workers' representatives for the second time in a week.

Mr Javid, who has been criticized for failing to recognise the crisis engulfing the UK steel industry, also visited the plant last Friday.

He had cut short a business trip to Australia when Tata announced it was looking to sell.

Mr Javid said Tata's sale process will start by Monday, although there was no set time frame for it to be completed.

Load more updates