The business secretary, Jonathan Reynolds, has agreed a deal in which the government will provide £500m towards the construction of a new greener electric arc furnace at the site, with the plant's Indian owners, Tata Steel, paying £750m.
However, while the deal secures the long-term future of steel production at the south Wales site, the government was unable to secure guarantees that would save the 2,500 jobs at Port Talbot that Tata was likely to cut over the coming months.
Announcing the package in parliament yesterday, Reynolds acknowledged that it "fell short" of his ideal outcome but laid the blame at the previous government's door, accusing the Conservatives of a "dereliction of duty" in talks and letting down the people of Port Talbot.
Under the new deal, those at threat of losing their job will now receive improved redundancy packages, while there has also been an increase in how much axed employees could receive if they take part in a Tata-run training programme.
The company has also made commitments to evaluate future investments in steel plants and infrastructure, alongside Labour's £2.5bn support package for the sector.
Denne historien er fra September 12, 2024-utgaven av The Guardian.
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Denne historien er fra September 12, 2024-utgaven av The Guardian.
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Arsenal hold Rosicky talks over sporting director role
Tomas Rosicky is a leading contender to become Arsenal's sporting director, although any return to his former club would probably be put on hold until the end of the season.
United Ponder January Sales Club Open to Mainoo and Højlund Offers
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Cunha ban cut for offering to buy victim new glasses
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Isak and Gordon pounce to put Newcastle firmly in driving seat
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Liverpool have not stolen a single point, claims Slot
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Postecoglou backs Son and says even Salah would struggle at Spurs
Manager points to lack of creativity in team as reason for South Korean's poor form
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Transfer roundup Palace and Ipswich battle for £20m Doak
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Everton owners right to be looking at manager options, says Dyche
Sean Dyche has said Everton's new owners should be exploring managerial options because he has not won enough games this season to keep the pressure off.
Lopetegui in limbo as Potter demand stalls Hammers deal
Julen Lopetegui is in limbo after West Ham's move to replace their manager stalled over Graham Potter's demand for a two-and-a-half-year contract.
