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| Tata Steel: Sajid Javid refuses to rule out nationalising Port Talbot steelworks | |
| (35 minutes later) | |
| Business Secretary Sajid Javid has refused to rule out nationalising the loss-making UK steel business being sold by Tata Steel at Port Talbot. | Business Secretary Sajid Javid has refused to rule out nationalising the loss-making UK steel business being sold by Tata Steel at Port Talbot. |
| The UK Government could step in to “offer support” to the 4,000 Tata Steel workers at the factory in south Wales, which loses nearly £1 million a day. | The UK Government could step in to “offer support” to the 4,000 Tata Steel workers at the factory in south Wales, which loses nearly £1 million a day. |
| David Cameron appeared to rule out even temporary nationalisation of the steelworks after emergency talks with ministers on Thursday. | David Cameron appeared to rule out even temporary nationalisation of the steelworks after emergency talks with ministers on Thursday. |
| But speaking to the Andrew Marr Show on Sunday morning, Mr Javid said he would not “rule out anything at this stage”. | But speaking to the Andrew Marr Show on Sunday morning, Mr Javid said he would not “rule out anything at this stage”. |
| The government could intervene to cover some costs, including pensions, to make it easier for Tata to find a buyer, the Business Secretary said. | The government could intervene to cover some costs, including pensions, to make it easier for Tata to find a buyer, the Business Secretary said. |
| He said he believed nationalisation was “rarely the answer in these situations”. | He said he believed nationalisation was “rarely the answer in these situations”. |
| “I don’t think nationalisation is a solution to this,” he said. “Having said that I also think it wouldn’t be prudent to rule anything out at this stage.” | “I don’t think nationalisation is a solution to this,” he said. “Having said that I also think it wouldn’t be prudent to rule anything out at this stage.” |
| Mr Javid said it could be a period of months before a new owner could be found to take over the Port Talbot steelworks. | Mr Javid said it could be a period of months before a new owner could be found to take over the Port Talbot steelworks. |
| “We will look at everything we can do to allow a sale going ahead and I wouldn’t rule out anything at this stage,” he said. | “We will look at everything we can do to allow a sale going ahead and I wouldn’t rule out anything at this stage,” he said. |
| Mr Javid said that Tata accepted that finalising any deal would take time. | |
| "They know it is not just a matter of weeks. When they talk about weeks, that's the period you would take to get so-called expressions of interest. Then it will take much longer than that to work out a deal," he said. | |
| The Government's aim, he said, was to find a buyer for the whole of Tata's UK business. | |
| "I want to see steelmaking continuing in Port Talbot, I want to protect as many jobs as possible, I want to find a buyer for the whole of the business," he said. | |
| Mr Javid indicated the Government was ready to provide further assistance with reducing the energy costs of running Port Talbot. | |
| "Any potential investor would want to see movement on that," he said. | |
| He also suggested the Government could help with the costs of the pension scheme - which dates back to the former nationalised British Steel. | |
| "No-one is talking about nationalisation of pension schemes but it is something I absolutely recognise is a challenge," he said. | |
| Additional reporting by agencies |