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SSI Redcar steel workers given £80m aid package SSI Redcar steel workers given £80m aid package
(about 1 hour later)
The government has announced a financial package of "up to £80m" to support SSI workers on Teesside. The government has announced a financial package of "up to £80m" to support SSI steel workers on Teesside.
It comes in the wake of Monday's announcement of the mothballing of the Redcar steel plant, with the loss of 1,700 jobs. It comes in the wake of Monday's announcement of the mothballing of the Redcar plant, with the loss of 1,700 jobs.
The full details are still being worked through, but it will include funding for affected workers to train at local further education colleges. Details are still being worked through, but it will include cash for retraining and help for small local businesses.
There will also be help for small local businesses. It has also emerged that SSI's Thai parent company has begun a process which could end in administration.
Business Minister Anna Soubry is spending a second day meeting with members of the local task force. The company posted on its website that it had entered "rehabilitation" under Thai law.
This means that, with its liabilities exceeding its assets, a planner would be appointed - effectively an administrator.
'Never made a profit'
The knock-on effect for the Redcar plant would be uncertain, although it could open the way for a take over.
However, no access to money may also lead to the coke ovens - which are being kept alight to allow the possibility of production resuming in the future - running out of fuel.
The government said that SSI wanted ministers to make an "open-ended funding commitment" to maintain the coke ovens, but this would have been "in breach of state aid rules".
The Department for Business said in a statement: "On the basis of the limited business case it was given, the government has no confidence that this is a realistic proposal for taxpayers to support.
"The company has never made a profit and the board's proposal would do nothing to address the huge debts outstanding to local suppliers and other parties."