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| Steel crisis: Tata buyout consortium 'confidence' over help | Steel crisis: Tata buyout consortium 'confidence' over help |
| (about 2 hours later) | |
| A consortium looking to buy Tata Steel's UK operations says the option of the UK government taking a stake gives them more confidence of success. | A consortium looking to buy Tata Steel's UK operations says the option of the UK government taking a stake gives them more confidence of success. |
| Tycoon Sir Terry Matthews was revealed as part of the group which includes Port Talbot plant boss Stuart Wilkie. | Tycoon Sir Terry Matthews was revealed as part of the group which includes Port Talbot plant boss Stuart Wilkie. |
| It comes as the UK government said it was prepared to take a 25% stake after a takeover. | It comes as the UK government said it was prepared to take a 25% stake after a takeover. |
| UK Business Secretary Sajid Javid said it was "clear evidence" of the extent of that commitment. | UK Business Secretary Sajid Javid said it was "clear evidence" of the extent of that commitment. |
| It is expected to amount to "hundreds of millions of pounds" of commercial loans, according to the prime minister's office. | It is expected to amount to "hundreds of millions of pounds" of commercial loans, according to the prime minister's office. |
| The Welsh Government was involved in the joint announcement and said it was part of the financial support package. | The Welsh Government was involved in the joint announcement and said it was part of the financial support package. |
| First Minister Carwyn Jones said: "We're committed to supporting any credible bid to secure steel making in Wales. | First Minister Carwyn Jones said: "We're committed to supporting any credible bid to secure steel making in Wales. |
| "We have worked with the UK government to put in place this significant package of support and we believe that this will help secure a successful sale of Tata Steel's operations in Wales and the rest of the UK." | "We have worked with the UK government to put in place this significant package of support and we believe that this will help secure a successful sale of Tata Steel's operations in Wales and the rest of the UK." |
| The consortium also represents workers, managers, customers, Neath Port Talbot council and includes economists along with Sir Terry, who is chairman of Swansea Bay City Region. | The consortium also represents workers, managers, customers, Neath Port Talbot council and includes economists along with Sir Terry, who is chairman of Swansea Bay City Region. |
| It was brought together by businessman Simon Gibson, an associate of Sir Terry, and met for the first time on Monday and again on Thursday. | It was brought together by businessman Simon Gibson, an associate of Sir Terry, and met for the first time on Monday and again on Thursday. |
| It is being led by Newport-born Roger Maggs, who has 27 years experience of the metals industry and was recently appointed chairman of the new Port Talbot Waterfront enterprise zone. | It is being led by Newport-born Roger Maggs, who has 27 years experience of the metals industry and was recently appointed chairman of the new Port Talbot Waterfront enterprise zone. |
| He worked for Alcan Aluminium globally and is the founder, along with Sir Terry, of investment firm, Celtic House Venture. | He worked for Alcan Aluminium globally and is the founder, along with Sir Terry, of investment firm, Celtic House Venture. |
| "It's wonderful news and it gives legitimacy to the efforts that other people are making," said Mr Maggs about hearing of the support package. | "It's wonderful news and it gives legitimacy to the efforts that other people are making," said Mr Maggs about hearing of the support package. |
| "It shows someone believes in the idea." | "It shows someone believes in the idea." |
| He said he was "just as determined but much more confident". | He said he was "just as determined but much more confident". |
| Mr Maggs told BBC Wales the management's "wide-ranging" rescue plan, which was rejected by Tata in India, was "viable" and he believed it could be delivered by early 2018. | Mr Maggs told BBC Wales the management's "wide-ranging" rescue plan, which was rejected by Tata in India, was "viable" and he believed it could be delivered by early 2018. |
| He said there were economic reasons for wanting to save the plant but he also went around the plant on a seven hour tour last week and spoke to workers. | He said there were economic reasons for wanting to save the plant but he also went around the plant on a seven hour tour last week and spoke to workers. |
| "The feeling I got from everyone - not what I was expecting - it was obsession with what they were doing, they absolutely love their jobs and I think that's another reason to get stuck in," he added. | "The feeling I got from everyone - not what I was expecting - it was obsession with what they were doing, they absolutely love their jobs and I think that's another reason to get stuck in," he added. |
| Sir Terry said it was a strategically important industry and he would potentially look to invest himself if it was needed. | Sir Terry said it was a strategically important industry and he would potentially look to invest himself if it was needed. |
| "I'm looking forward to a future which is the next generation steel - lower power, better quality, global market," he said. | "I'm looking forward to a future which is the next generation steel - lower power, better quality, global market," he said. |
| The consortium is in the process of going through the numbers and details of a management buy-out. | The consortium is in the process of going through the numbers and details of a management buy-out. |
| BBC Wales revealed earlier this week that Mr Wilkie was involved in a management buy-out proposal for the UK operations. | BBC Wales revealed earlier this week that Mr Wilkie was involved in a management buy-out proposal for the UK operations. |
| More details are now emerging of those involved in the proposal. | More details are now emerging of those involved in the proposal. |
| The steel union Community said it would welcome "prompt discussions with Stuart Wilkie and any management buyout option". | The steel union Community said it would welcome "prompt discussions with Stuart Wilkie and any management buyout option". |
| Who might buy Tata in Port Talbot? | Who might buy Tata in Port Talbot? |
| What's going wrong with Britain's steel industry? | What's going wrong with Britain's steel industry? |
| Tata Steel UK: What are the options? | Tata Steel UK: What are the options? |
| Is China to blame for steel woes? | Is China to blame for steel woes? |
| Union officials were meeting in Port Talbot to discuss the development. | |
| Roy Rickhuss, general secretary of the Community union, said it was a positive step and built on constructive talks with Mr Javid and Mr Jones. | |
| "We welcome the willingness of government to support debt financing and that they remain open to taking a 25% share in the business. | |
| Governments must continue to work closely with Community as we do everything we can to secure a future for our steel industry." | |
| On Wednesday, Tata said it had reached out to 190 potential bidders for its Port Talbot site. | On Wednesday, Tata said it had reached out to 190 potential bidders for its Port Talbot site. |
| A spokesman said: "We are trying to find a responsible buyer. We don't want the process to last forever - our main aim is to find the right buyer." | A spokesman said: "We are trying to find a responsible buyer. We don't want the process to last forever - our main aim is to find the right buyer." |
| Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby, Shotton and Teesside. | Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby, Shotton and Teesside. |
| The UK operations are losing about £1m a day, but Tata has not set a deadline for a sale. | The UK operations are losing about £1m a day, but Tata has not set a deadline for a sale. |
| Tata is selling its entire loss-making UK business and has asked for expressions of interest as part of the sales negotiations process. | Tata is selling its entire loss-making UK business and has asked for expressions of interest as part of the sales negotiations process. |
| The crisis that has hit the steel industry has been driven by falling prices and a global oversupply. | The crisis that has hit the steel industry has been driven by falling prices and a global oversupply. |
| In the UK, high energy costs and cheaper Chinese imports have exacerbated the issue. | In the UK, high energy costs and cheaper Chinese imports have exacerbated the issue. |
| Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works. | Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works. |
| Who is Sir Terry Matthews? | Who is Sir Terry Matthews? |