UK financial support the largest metallurgical company in the country
the Largest steel producer in the UK, the Indian steel company Tata Steel in the coming days, will receive about 500 million pounds of government support aimed at the preservation of 8,000 jobs that could be lost due to the coronavirus.
the Company owns the UK's largest steel plant at Port Talbot in South Wales, and also several smaller metallurgical plants in Wales.
Tata Steel is an applicant for a loan under the Treasury scheme, which considers public funding as a last resort for strategically important companies. As the Financial Times, the company may receive the money of the British taxpayers in the coming days.
a spokesman for Tata Steel confirmed that the company has sought and continues to seek government support, but declined to comment on details of the talks.
British business for the first time Tata Steel has requested government support in April, as measures to contain the spread of coronavirus stopped production throughout the country. As reported, the company appealed to the governments of the UK and Wales for financial assistance.
Tata Steel faced difficulties even before the pandemic against the backdrop of falling steel demand in the EU and has announced plans to reduce 3,000 jobs at its European factories in November of last year, although the majority of layoffs had operations in continental Europe.
In September last year, the company announced that it will close another plant in South Wales.
Indian conglomerate Tata had planned to sell their business in the UK three years ago, but in the end decided to keep its British factories and to invest £ 1 billion in upgrading.