- 46 updates
The new British Steel logo has been unveiled at a flag-raising ceremony in Scunthorpe.
The steelworkers' union Community has welcomed the completion of the sale of Tata Steel's Long Products Europe business to Greybull Capital LLP. The new company will trade as British Steel.
Tata Steel has issued a statement confirming it will work under the name British Steel following the sale to Greybull Capital.
From today Tata Steel's Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel.
All together the business employs 4,800 people – 4,400 in the UK and 400 in France. The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital to achieve this outcome.
Thousands of jobs have been saved at Tata Steel in Scunthorpe after its sale went through overnight. The plant was under threat of closure if owners Tata steel could not find a buyer. Investment firm Greybull Capital agreed in principal to buy the steel giant's long products division last month. The deal has now been confirmed.
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."
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.
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.
After weeks of uncertainty there have been major developments today over the future of Tata Steel. The Government says it's preparing a financial package worth hundreds of millions of pounds for any potential buyers.
Steel expert Roger Maggs, who is heading the consortium, welcomed the intervention.
But Phillip Booth, Editorial and Programme Director at the Institute of Economic Affairs, thinks the Government shouldn't be using tax payers' money in this way.
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Unions welcome the sale of Scunthorpe steelworks to an investment firm as a 'massive vote of confidence' in the town.
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