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Tata Steel Agrees To Invest One billion Pounds In UK Plant To Save Jobs
(Ratan Tata)
On 7 December, Tata Steel made a 10-year commitment to a one-billion-pound investment plan to save thousands of jobs in the UK. Tata Steel has purportedly offered a number of assurances to its workforce at Port Talbot steelworks in south Wales, UK’s largest steel plant
These ‘assurances’ include a guaranteed, minimum five-year commitment to two blast furnaces, a 10-year £1 billion investment plan to support steel making at Port Talbot, and a consultation on replacing the current British Steel Pension Scheme with a “defined contribution scheme” with maximum contributions of 10 per cent from the company and six per cent from employees.
The deal made by the Indian steel giant also include retaining both of Port Talbot’s blast furnaces, one of which was supposed to stop production in 2018 but unions demanded to keep it open. In early 2016, Tata Steel made the announcement that all of its plants across the UK would be put for sale. But in July the sale was halted.
Tata Steel added that it offered an employment pact until 2021 supporting the employees through future changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.
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