A Peacocks store in Cardiff

2012 review: A year in Welsh business

Our Business Correspondent looks at 12 months that began with the collapse of a Welsh retailer, but end with signs of confidence returning.

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Welsh Secretary on Tata's 'important milestone'

Secretary of State for Wales Cheryl Gillan says today marks an 'important milestone' in the work to assemble Blast Furnace No.4 at Tata Steel.

The next four months will see a period of intensive engineering activity as modules weighing over 500 tonnes will be lifted into place over the skies of its Port Talbot site.

Tata is clearly operating in an extremely challenging market – both domestically and internationally - but I am re-assured that Tata is fully committed to its investment in the UK. The company is one of our biggest employers in Wales and I look forward to seeing the new furnace taking shape over the coming months.

– Secretary of State for Wales Cheryl Gillan

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Steel workers' Union responds to Tata workers' cuts

Earlier today Tata steel announced its plans to cut workers' hours. It's part of a move to cut employment costs after a fall in the demand for steel.

Workers now face reduced hours, but Alan Coombs, from the Community Union, believes it's important that the Port Talbot steel manufacturer retains its skilled workforce.

My view is we've got to share the pain. At the moment with the workforce we're looking at employment cost cuts but it's important that everybody takes the hit together and the skills stay in Port Talbot so the skills are ready to be taken advantage of when the markets return.

– Alan Coombs, Community Union

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Welsh Secretary 'reassured Tata is fully committed' to Wales

Secretary of State for Wales, Cheryl Gillan has just issued this statement following Tata Steel's decision to delay relighting the new blast furnace its building at its Port Talbot plant:

It is understandable that Tata may have to take the decision to delay the relighting of blast furnace four at Port Talbot in the light of the current business climate. TATA is operating in an extremely challenging market - both domestically and internationally, but I am re-assured that Tata is fully committed to its investment in the UK. This will be a commercial decision and I understand that there will be no job losses as a result.

Possible delay in multi-million pound project at Tata Steel

One of Wales' biggest employers Tata Steel says it may delay relighting one of its blast furnaces if demand for steel remains slow. The 185 million pound project to rebuild furnace number 4 at Port Talbot is about to get underway.

It should be back online in November, but the company says that will depend on the state of the order book later in the year.

Tata Steel profits fall

Tata
Tata employs employs seven and a half thousand people in Wales Credit: ITV News Wales

One of Wales' largest private-sector employers Tata Steel says its profits after tax fell by more than a third last year.

The Indian steel giant, which employs seven and a half thousand people here, reported profits of £670m for the financial year to March, compared to £1.1bn the previous year.

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