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'Thousand job losses' in steel management buyout

Reports that a management buyout of Tata Steel would lead to around a thousand extra jobs losses are "worrying" according to the steel union Community.

Credit: PA

ITV News understands that Excalibur plan to lose around one thousand jobs across Tata Steel's entire UK operations should it be successful in buying the business.

It's believed the extra thousand job cuts would be made in management and administration posts rather production line jobs.

These are worrying reports for steelworkers, who are already facing uncertainty.

We have had no discussions with Excalibur about additional job losses.

We await to see the details of their plans for the business and any implications for jobs.

However, this news is somewhat surprising given that their bid is based on the original turnaround plan, which included a restructuring of 1,050 jobs that is ongoing.

– Roy Rickhuss, General Secretary, Community

Excalibur said in a statement:

Excalibur's proposals will see a migration towards leaner autonomous sub-business units.

In the event Excalibur is successful in acquiring Tata's UK steel assets this will inevitably take some time to achieve.

Potentially this could affect up to 1,000 jobs across the entirety of the operation.

– Excalibur

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Steel executives join team hoping to take over Tata assets

Two steel industry executives have joined the management buyout team hoping to take over Tata's UK assets.

Excalibur Steel announced it has taken on Neil Davies and Martin Driscoll to its management leadership team. They both join from senior positions with Tata Steel Europe, which has released the two men for the period of the bidding process.

When the sale of Tata Steel UK was announced, it was feared thousands of people would lose their jobs Credit: PA

This represents another significant step forward for Excalibur. For both my colleagues to have committed themselves to our proposal is an endorsement of Excalibur's ability to design and execute plans to transform Tata's UK operations into a profitable business."

– Stuart Wilkie, chief executive of Excalibur

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Rally held in support of steel workers

A May Day rally has been held in Llanelli to show support for Tata steel workers and protest against public sector cuts.

Trade Union and political speakers also addressed the rally. Credit: Nicola Hendy

Members from groups including the Community Union, NUT, Unison and PCS gathered near the town hall at midday, with some supporting the call for the nationalisation of steel.

Trade Union and political speakers also addressed the rally.

Mark Evans from Unison said any job losses from Tata's Trostre plant would have a massive impact on Llanelli.

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'Government won't take more than 25% equity stake in Tata Steel'

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The government is not prepared to take more than a 25% equity stake in Tata Steel's assets, the business secretary has told a committee of MPs today.

He said that he wanted to see them sold as soon as possible.

Twenty five percent was the limit that I thought was necessary to show that on the one hand you're serious about helping ... but also not to put off potential investors by saying this is something the government seeks to control.

– Business Secretary Sajid Javid

He said that a number of potential buyers have told the government they would not take on pension liabilities, echoing comments made by the firm's new CEO Bimlendra Jha.

Javid said he did not see the pension liabilities as a big threat to the public purse.

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Business Secretary grilled by MPs over steel crisis

The business secretary has said that he would not have travelled to Australia and missed crisis talks over the sale of British steel plants, "if he had known how it would be reported."

Appearing before the Business Select Committee today, Sajid Javid said he did not believe a decision to immediately close the plants would be taken when he went on the March 29 trade mission.

"Obviously it was very far from home," he said. "I turned around and came back as quickly as I could."

He faced calls to quit after taking his teenage daughter on the trip to Sydney, instead of attending a meeting in Mumbai about the South Wales plant.

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