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You can find the current article at its original source at http://www.theguardian.com/business/live/2016/mar/30/uk-government-steel-industry-tata-port-talbot-business-live
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| UK government could provide financial support for steel industry - business live | |
| (35 minutes later) | |
| 10.34am BST | |
| 10:34 | |
| Government sources: We want to help | |
| Anushka Asthana | |
| Political editor Anushka Asthana has the latest word from Westminster about the steel crisis: | |
| One option that is likely to be considered is stepping in temporarily with financial support that could keep the site open if a sale looks likely. However, fuller nationalisation is not thought to be under consideration. | |
| A Government source said that Tata Steel’s decision to look for a seller did provide more options. “We will now want to work very hard to support that process. We want to look at ways we ways that we can continue to support Port Talbot.” | |
| Ministers do not accept that they have been too soft when it comes to blocking Chinese steel dumping. Officials have argued that granting China market status economy does not stop Europe increasing tariffs on Chinese steel, and claimed that its action in the EU has been to stop changes to a ruling that could harm British consumers in areas other than steel. | |
| 10.33am BST | |
| 10:33 | |
| Britain’s business secretary has been spotted, just 10,000 miles away from Port Talbot. | |
| Sajid Javid has been meeting with Australia’s prime minister, Malcolm Turnbull, in Sydney to discuss economic ties between the two countries. | |
| Important stuff, but thousands of steel workers would probably rather see Javid back home - or lobbying Tata in Mumbai like opposition MP Stephen Kinnock. | |
| Building on UK/Australia modern partnership. @sajidjavid @bisgovuk with PM @TurnbullMalcolm in Sydney today pic.twitter.com/bojat1QkJu | |
| Not a great look for the Business Secretary when the UK steel industry is heading down the stank ... https://t.co/zO0HjifUr6 | |
| Javid’s absence leaves the stage free for the prime minister and chancellor of the exchequer to step in.... | |
| We should start a sweepstake - who will reappear first to talk about steel - David Cameron, George Osborne or Sajid Javid? | |
| 10.21am BST | |
| 10:21 | |
| BCC: Clear case for government intervention | |
| The British Chambers of Commerce has urged Britain’s government to pull out all the stops to save the steel industry. | |
| Dr Adam Marshall, the BCC’s acting Director General, argues that other countries would do everything in their power to save such a vital industry. The steel crisis, he says, also shows the downside of globalisation. | |
| “Assuring domestic production of steel is hugely important to the UK’s future growth prospects, and to our aspirations for the manufacturing and construction sectors, which are having a hard enough time in an uncertain global market as it is. | |
| “The price the UK pays for dependence on overseas suppliers is often high, particularly in manufacturing and energy. There’s nothing wrong with being part of global supply chains, but there is something very wrong with losing domestic production and skills in a strategically-important industry. The loss of steelmaking would leave the UK vulnerable to global shocks, with dangerous consequences across the economy. | |
| “The mistakes made in the nuclear industry decades ago must not be repeated in the steel industry today. There is a clear case for further government action to protect British steelmaking capacity, as it underpins so much of British manufacturing and construction. Our global competitors would not hesitate on an issue like this.” | |
| One example could be America’s bailout of its auto industry in 2008. Around $80bn was poured into the US car giants, once they fell foul of economic forces following the financial crisis. | |
| 10.05am BST | 10.05am BST |
| 10:05 | 10:05 |
| Our Brussels correspondent, Jennifer Rankin, points out that Britain has been blocking efforts to stop Chinese steel-makers undercutting the UK industry. | Our Brussels correspondent, Jennifer Rankin, points out that Britain has been blocking efforts to stop Chinese steel-makers undercutting the UK industry. |
| Those talking of EU dithering over #steel shd remember UK is the main opponent of punitive, US-level tariffs against cheap Chinese imports. | Those talking of EU dithering over #steel shd remember UK is the main opponent of punitive, US-level tariffs against cheap Chinese imports. |
| Last month, the UK repelled efforts to scrap the “lesser duty rule”, allowing EU members to block cheaper steel imports from China. | Last month, the UK repelled efforts to scrap the “lesser duty rule”, allowing EU members to block cheaper steel imports from China. |
| Business secretary Sajid Javid argued that UK consumers and businesses would suffer if higher tariffs were imposed on Chinese steel - hurting UK growth, jobs and exports. | Business secretary Sajid Javid argued that UK consumers and businesses would suffer if higher tariffs were imposed on Chinese steel - hurting UK growth, jobs and exports. |
| Unions, though, warned, that allowing Chinese firms to ‘dump’ steel at unfairly cheap prices risked killing off the British steelmaking sector..... | Unions, though, warned, that allowing Chinese firms to ‘dump’ steel at unfairly cheap prices risked killing off the British steelmaking sector..... |
| More here: | More here: |
| Related: David Cameron accused of failing UK steel after EU proposal rejected | Related: David Cameron accused of failing UK steel after EU proposal rejected |
| 9.57am BST | 9.57am BST |
| 09:57 | 09:57 |
| One of Britain’s top actors has urged the government to deliver on its promises, and keep the steel industry running. | One of Britain’s top actors has urged the government to deliver on its promises, and keep the steel industry running. |
| Michael Sheen, who grew up in Port Talbot, says the area has already suffered from the economic crisis over the last eight years. | Michael Sheen, who grew up in Port Talbot, says the area has already suffered from the economic crisis over the last eight years. |
| The steel industry was shaken hard by the financial crisis in 2008. The banking industry was helped enormously to recover from that. I hope that we can see as much support for the steel industry and its workers now that they face their time of greatest need. Steel has been at the very foundation of our national identity for generations. | The steel industry was shaken hard by the financial crisis in 2008. The banking industry was helped enormously to recover from that. I hope that we can see as much support for the steel industry and its workers now that they face their time of greatest need. Steel has been at the very foundation of our national identity for generations. |
| It has given so much to us a country. Now is the time to honour that contribution. | It has given so much to us a country. Now is the time to honour that contribution. |
| More here: | More here: |
| Related: We bailed out the bankers. Welsh steelworkers deserve no less | Michael Sheen | Related: We bailed out the bankers. Welsh steelworkers deserve no less | Michael Sheen |
| 9.47am BST | 9.47am BST |
| 09:47 | 09:47 |
| Eight years ago, Britain’s government poured tens of billions into the banking sector. Should it now give steel a bailout? | Eight years ago, Britain’s government poured tens of billions into the banking sector. Should it now give steel a bailout? |
| Or should we accept that steel is a declining industry, and focus on developing cutting edge technology instead? And what about the European angle - is it right that state aid rules enforced by Brussels could determine UK steel’s future? | Or should we accept that steel is a declining industry, and focus on developing cutting edge technology instead? And what about the European angle - is it right that state aid rules enforced by Brussels could determine UK steel’s future? |
| Let us know what you think here: | Let us know what you think here: |
| Related: What are your views on the future of the British steel industry? | Related: What are your views on the future of the British steel industry? |
| 9.40am BST | 9.40am BST |
| 09:40 | 09:40 |
| A “Save Our Steel” sign has been set up outside the Port Talbot plant. | |
| Timelapse outside #tatasteel plant in Port Talbot. Large banner has been placed outside reading "Save Our Steel". pic.twitter.com/ZdzHjGKX1M | Timelapse outside #tatasteel plant in Port Talbot. Large banner has been placed outside reading "Save Our Steel". pic.twitter.com/ZdzHjGKX1M |
| Updated | |
| at 10.30am BST | |
| 9.35am BST | 9.35am BST |
| 09:35 | 09:35 |
| Kinnock: Tata wanted UK government to do more | Kinnock: Tata wanted UK government to do more |
| Senior figures at Tata Steel have expressed frustration at the lack of action from the British government to support the steel industry, according a Labour MP who met with senior executives at the company yesterday. | Senior figures at Tata Steel have expressed frustration at the lack of action from the British government to support the steel industry, according a Labour MP who met with senior executives at the company yesterday. |
| Stephen Kinnock, the local MP for Port Talbot, says company executive Koushik Chatterjee “made it clear that he wanted to see a British Government doing more”. | Stephen Kinnock, the local MP for Port Talbot, says company executive Koushik Chatterjee “made it clear that he wanted to see a British Government doing more”. |
| Our political editor, Anushka Asthana, spoke with Kinnock and reports: | Our political editor, Anushka Asthana, spoke with Kinnock and reports: |
| Chatterjee met with the delegation - which included Kinnock and union leader Roy Rickhuss - twice, including at 1.30am after the board agreed the decision. | Chatterjee met with the delegation - which included Kinnock and union leader Roy Rickhuss - twice, including at 1.30am after the board agreed the decision. |
| The MP, who was speaking from Mumbai after the meeting, said no one would criticise Tata Steel because it had been investing in its British arm for seven or eight years. “We appreciate that Tata steel is not a charity but a business,” he told the Guardian. | The MP, who was speaking from Mumbai after the meeting, said no one would criticise Tata Steel because it had been investing in its British arm for seven or eight years. “We appreciate that Tata steel is not a charity but a business,” he told the Guardian. |
| But he accused the Government of “abject failure” when it came to protecting the steel industry, arguing that it had not only failed to tackle Chinese dumping, but had been a “ringleader” in trying to prevent the European Commission from being given more powers to tackle the situation. | But he accused the Government of “abject failure” when it came to protecting the steel industry, arguing that it had not only failed to tackle Chinese dumping, but had been a “ringleader” in trying to prevent the European Commission from being given more powers to tackle the situation. |
| “We are rolling out the red carpet for Beijing,” he added, arguing that Britain was pushing for China to get market economy status at the World Trade Organisation despite the fact that 80% of its steel industry was state owned. “They are in hoc to China. Our commercial policy, our approach to trade and manufacturing, and our overall industrial strategy, is being dictated by Beijing.” | “We are rolling out the red carpet for Beijing,” he added, arguing that Britain was pushing for China to get market economy status at the World Trade Organisation despite the fact that 80% of its steel industry was state owned. “They are in hoc to China. Our commercial policy, our approach to trade and manufacturing, and our overall industrial strategy, is being dictated by Beijing.” |
| .@SKinnock accused Government of "rolling out the red carpet" to Beijing and failing to support attempt to save Port Talbot in his patch | .@SKinnock accused Government of "rolling out the red carpet" to Beijing and failing to support attempt to save Port Talbot in his patch |
| Tata Steel exec told MPs in Feb it was "deeply concerned abt Europe sleepwalking into greater crisis" by giving China market economy status | Tata Steel exec told MPs in Feb it was "deeply concerned abt Europe sleepwalking into greater crisis" by giving China market economy status |
| Updated | Updated |
| at 9.36am BST | at 9.36am BST |
| 9.29am BST | 9.29am BST |
| 09:29 | 09:29 |
| Guardian photographer Gareth Phillips has visited Port Talbot, to capture these images of a town built around its steel works: | Guardian photographer Gareth Phillips has visited Port Talbot, to capture these images of a town built around its steel works: |
| Related: Port Talbot: a community forged in steel – in pictures | Related: Port Talbot: a community forged in steel – in pictures |
| 9.18am BST | 9.18am BST |
| 09:18 | 09:18 |
| Here’s more reaction to business minister Anna Soubry’s interview on Today. | Here’s more reaction to business minister Anna Soubry’s interview on Today. |
| The Huffington Post’s Graeme Demianyk reckons Soubry’s comments on temporary nationalisation are significant: | The Huffington Post’s Graeme Demianyk reckons Soubry’s comments on temporary nationalisation are significant: |
| Soubry on #r4today batting for government on Tata: says it is "an option" to temporarily nationalise firm to find buyer. Big step | Soubry on #r4today batting for government on Tata: says it is "an option" to temporarily nationalise firm to find buyer. Big step |
| Soubry says "what I'm trying not to do is overly speculate" as ducks detailling how state ownership might work #r4today | Soubry says "what I'm trying not to do is overly speculate" as ducks detailling how state ownership might work #r4today |
| James Wright of the Co-operatives UK argues that a management buyout could be the answer: | James Wright of the Co-operatives UK argues that a management buyout could be the answer: |
| @BBCr4today interview with @Anna_Soubry too narrowly focused on state buyout as THE intervention, more discussion of employee buyout needed! | @BBCr4today interview with @Anna_Soubry too narrowly focused on state buyout as THE intervention, more discussion of employee buyout needed! |
| Rory Broomfield, director of the Better Off Out campaign, argues that steel could get more support if Britain leaves the EU: | Rory Broomfield, director of the Better Off Out campaign, argues that steel could get more support if Britain leaves the EU: |
| Govt Minister Anna Soubry admits #EU state aid rules have to be considered. Let's be clear, means #EU Commission can define steel's future. | Govt Minister Anna Soubry admits #EU state aid rules have to be considered. Let's be clear, means #EU Commission can define steel's future. |