Tata Steel closes Port Talbot blast furnace, putting 3,000 jobs at risk
rob davis
Today is a dark day for thousands of steelworkers in the UK and the community of Port Talbot in Wales.
Tata Steel plans to proceed with plans to close both blast furnaces at Port Talbot, which could lead to up to 3,000 job cuts.
my colleague rob davis Report:
Port Talbot steelwork bosses have rejected union plans aimed at keeping blast furnaces open, putting nearly 3,000 jobs at risk and leaving Britain as the only country unable to make steel from scratch. It is now on the path to becoming a major economic nation.
One trade union said it would be a “devastating blow” to workers and British steel manufacturing, but Port Talbot's parent company, Indian-owned Tata Steel, told worker representatives that the loss-making factory would be a “devastating blow”. He said he could no longer afford to continue production. South Wales has completed a four-year transition plan to greener production.
The company, which has received £500 million in support from the government to support the scheme, announced the news during a summit at London's five-star St James's Court Hotel, owned by the Tata Group.
The announcement is scheduled for this morning.
Under Tata's plan, the Port Talbot blast furnace would be shut down and the company would build an electric arc furnace, an environmentally friendly and cheaper process for making steel from recycled scrap.
Tata Steel's share price rose 2.6% today as investors reacted to the dire news.
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Ahead of the expected grim news that Port Talbot’s two blast furnaces are to close, Kinnock said there was “still time” for Tata Steel to “pull back from the brink”.
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He says it would be an an “utterly devastating” decision for Tata to close blast furnaces at its biggest UK plant.
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Speaking to Sky News, Kinnock said:
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“Do we really want to be a country, given the dangerous and turbulent world in which we live, that isn’t able to produce its own steel?
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“We are very proud of what the Port Talbot steelworks means for Wales and for the entire United Kingdom and we feel passionately here.
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“There isn’t a single household in my Aberavon constituency that isn’t connected to the steelworks in some way, and the impact would be utterly devastating.
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“So we are urging Tata Steel and the UK Government to get back round the table with the unions.
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“There is still time to pull back from the brink and we will be continuing to fight for that with every single fibre of our being.”
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Today is a bleak one for thousands of UK steel workers, and the community of Port Talbot in Wales.
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Tata Steel is to push ahead with plans to close both its blast furnaces in Port Talbot, a move that could lead to up to 3,000 job cuts.
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My colleague Rob Davies reports:
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The owners of Port Talbot steelworks have rejected a trade union plan designed to keep its blast furnaces running, putting nearly 3,000 jobs at risk and leaving the UK on course to become the only major economy unable to make steel from scratch.
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In what one union said would be a “crushing blow” to workers and UK steelmaking, Port Talbot’s parent company, the Indian-owned Tata Steel, told workers’ representatives that it could no longer afford to continue production at the loss-making plant in south Wales while it completed a four-year transition plan to greener production.
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The company, which is getting £500m from the government to help with that plan, broke the news during a summit at the five-star St James’ Court hotel in London, which is owned by the Tata Group.
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The announcement is expected this morning.
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Under the Tata plan, Port Talbot’s blast furnaces will shut down while the company builds electric arc furnaces, which make steel from recycled scrap, a greener and cheaper process.
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Shares in Tata Steel have risen 2.6% today, as investors react to this dire news.
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Good morning from Davos, where the final day of this year’s World Economic Forum Annual Meeting is getting underway.
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Today, world leaders and business chiefs will be considering what lies ahead in 2024, after several days spent discussing crucial issues such as support for Ukraine, the potential and risks of AI, the Middle East crsisis and the global energy transition:
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Davos will wrap up with the traditional set-piece panel on the global economic outlook, where key figures including Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, and Christine Lagarde, President of the European Central Bank.
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Lagarde’s views on the outlook for interest rates will be interesting, after global stocks and bond markets weakened this week as hopes of early cuts to borrowing costs faded.
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The experts here in Davos fear that the the global economic outlook is fraught with uncertainty. A WEF survey of top economists this week found that over half expect the world economy to weaken this year.
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Any escalation of the Middle East conflict risks further disruption to shipping and could push up energy prices – both adding to inflation and slowing growth.
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During his visit to Davos, foreign secretary David Cameron has been reiterate the 4 things that must happen for a peaceful solution to the Israel-Hamas war: a Palestinian-led government in Gaza and the West Bank, a concrete plan to help reform and support the Palestinian Authority, a major reconstruction plan for Gaza, and a political horizon towards a two-state solution.
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But the news overnight that Israel’s prime minister, Benjamin Netanyahu, has told the Biden White House that he rejects any moves to establish a Palestinian state when Israel ends its offensive against Gaza is a sharp pushback against pressure for a two-state solution.
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The agenda
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9am CET / 8am GMT: A session on the electoral outlook for 2024
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10.15am CET / 9.15am GMT: A session on how to deal with emerging risks and rapid shocks?
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10.15am CET / 9.15am GMT: A session on the prospects for the Middle East in 2024
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11am CET / 10am GMT: The Global Economic Outlook, with Tharman Shanmugaratnam, President of Singapore, Ngozi Okonjo-Iweala, Director-General, World Trade Organization, Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia, David Rubenstein, Co-Chairman of The Carlyle Group, Christine Lagarde, President of the European Central Bank, and Christian Lindner, Germany’s Federal Minister of Finance
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important events
Mr Kinnock: Closing the blast furnace would be an 'absolutely devastating' decision
Stephen Kinnock, Labor MP for Aberavon, where the Port Talbot steelworks is based, has urged Tata Steel not to close the blast furnace in south Wales, with the loss of up to 3,000 jobs, but instead to accept alternative plans proposed by trade unions. He urged them to “reconsider it again.''
Ahead of the predictably grim news that Port Talbot's two blast furnaces will be shut down. Kinnock He said there was “still time” for Tata Steel to “pull back from the brink”.
He said it would be an “absolutely catastrophic” decision for Tata to close the blast furnace at Britain's biggest factory.
Speaking to Sky News, Kinnock Said:
“Given the dangerous and chaotic world we live in, do we really want to be a country that cannot produce its own steel?
“We are extremely proud of what Port Talbot Steelworks means to Wales and the whole of the UK and we feel the passion here.
“There is not a single household in my Aberavon constituency that is not connected in some way to the steelworks and the impact will be absolutely devastating.
“We are therefore calling on Tata Steel and the UK government to return to the table with trade unions.
“There is still time to pull back from the brink, and we will continue to fight for it with all our heart and soul.”
Demonstrations against Davos elites have taken place in several countries this week, highlighting the challenges facing the WEF as it seeks to rebuild trust (the theme of this year's meeting).
was there #BetterThanDavos protest #BetterThanDavos People's Congress was held in Zimbabwe in Nepal and New Delhi.
They have the backing of Oxfam's interim director general Amitabh Behar, who has warned that we have entered a “decade of division”.
Managing director of our company @amitabhbehar Sending a message of solidarity from snowy Davos #better than davos protesters around the world.
we join allies @FightInequality By saying that the time has come to #take taxes from the rich and, #ceasefire in Gaza now! pic.twitter.com/FlBDgi4QHr
— Oxfam International (@Oxfam) January 18, 2024
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jenny ricksworldwide convener Fight inequality alliance say:
“As the Davos private jets refuel for the journey home, the WEF is once again doing nothing to tackle the world’s growing inequalities.
Back on Earth, people have been making sure the cry for #TaxTheRich reaches governments with protests this week. From Delhi to Cape Town and beyond, people are saying their solution is #BetterThanDavos. ”
Tata Steel closes Port Talbot blast furnace, putting 3,000 jobs at risk
rob davis
Today is a dark day for thousands of steelworkers in the UK and the community of Port Talbot in Wales.
Tata Steel plans to proceed with plans to close both blast furnaces at Port Talbot, which could lead to up to 3,000 job cuts.
my colleague rob davis Report:
Port Talbot steelwork bosses have rejected union plans aimed at keeping blast furnaces open, putting nearly 3,000 jobs at risk and leaving Britain as the only country unable to make steel from scratch. It is now on the path to becoming a major economic nation.
One trade union said it would be a “devastating blow” to workers and British steel manufacturing, but Port Talbot's parent company, Indian-owned Tata Steel, told worker representatives that the loss-making factory would be a “devastating blow”. He said he could no longer afford to continue production. South Wales has completed a four-year transition plan to greener production.
The company, which has received £500 million in support from the government to support the scheme, announced the news during a summit at London's five-star St James's Court Hotel, owned by the Tata Group.
The announcement is scheduled for this morning.
Under Tata's plan, the Port Talbot blast furnace would be shut down and the company would build an electric arc furnace, an environmentally friendly and cheaper process for making steel from recycled scrap.
Tata Steel's share price rose 2.6% today as investors reacted to the dire news.
This morning, the outlook for the UK economy darkened with news that retail sales in December were down 3.2% year-on-year as foot traffic declined.
Retail sales in December 2023 were down 3.2%, slowing from the 1.4% increase in November 2023.
➡️ https://t.co/hFSA5yQ5mO pic.twitter.com/Y4yfkKFLEh
— Office for National Statistics (ONS) (@ONS) January 19, 2024
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ONS Deputy Director Heather Bovill explains:
“This was the largest overall monthly decline since January 2021, when sales were hit hard by the reintroduction of pandemic restrictions.”
“Grocery stores performed very poorly, with early Christmas sales dampening sales in December, resulting in the largest decline since May 2021.
The full text is as follows:
Last night in Davos, Google announced that it had begun construction on a new $1 billion (£789 million) data center in the UK.
The news was announced as Prime Minister Jeremy Hunt met business leaders at the WEF in a bid to promote “British excellence” in technology.
The new facility will be built on a 33-acre site in Waltham Cross, Hertfordshire, which Google acquired in October 2020.
Ruth Poratsaid the president and chief investment officer of Google's parent company Alphabet.
“The Waltham Cross data center represents our latest investment in the UK and across the wider digital economy.”
google says The center will foster the growth of artificial intelligence (AI) and initially create jobs for the construction process.
Introduction: Economic outlook in focus on the final day of Davos
Good morning from Davos as we approach the final day of this year's World Economic Forum Annual Meeting.
Today, world leaders and business chiefs discussed what lies ahead in 2024, after several days of discussing important issues such as aid to Ukraine, the opportunities and risks of AI, the Middle East crisis, and the global energy transition. will be considered.
Davos concludes with the traditional set-piece panel on the global economic outlook. Ngozi Okonjo-IwealaDirector-General of the World Trade Organization, and Christine lagardePresident of the European Central Bank.
Mr. Lagarde's It will be interesting to take a look at the outlook for interest rates after global stock and bond markets fell this week as hopes for an early reduction in borrowing costs faded.
Experts here in Davos are concerned that the global economic outlook is fraught with uncertainty. A WEF survey of top economists this week found that more than half expect the global economy to weaken this year.
An escalation in the Middle East conflict risks further disruption to transportation and could raise energy prices, which could accelerate inflation and slow growth.
During his visit to Davos, Foreign Secretary David Cameron highlighted four things that must happen for a peaceful resolution to the Israel-Hamas war: support for Palestinian-led governments in Gaza and the West Bank, reforms and support; He reiterated his plan. The Palestinian Authority, the large-scale reconstruction plan for Gaza, and the political outlook for a two-state solution.
But overnight news that Israeli Prime Minister Benjamin Netanyahu told President Biden that Israel would veto any move to establish a Palestinian state when it ends its assault on Gaza comes as a sharp backlash against pressure for a two-state solution. becomes.
agenda
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9am CET / 8am GMT: Session on 2024 Election Outlook
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10:15am CET / 9:15am GMT: Session on how to deal with emerging risks and rapid shocks?
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10:15am CET / 9:15am GMT: Session on Middle East Outlook 2024
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11am CET / 10am GMT: World Economic Outlook; Thurman ShanmugaratnamPresident of Singapore, Ngozi Okonjo-IwealaDirector-General of the World Trade Organization, Mohammed Al Jadaan Minister of Finance of Saudi Arabia, david rubensteinCo-Chairman of The Carlyle Group, Christine lagardePresident of the European Central Bank, and christian lindnerGerman Federal Minister of Finance
