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David Cameron: No guarantee of Tata Steel rescue success | David Cameron: No guarantee of Tata Steel rescue success |
(about 5 hours later) | |
Prime Minister David Cameron has said there is no guarantee government efforts to save the British steel industry will succeed. | Prime Minister David Cameron has said there is no guarantee government efforts to save the British steel industry will succeed. |
The future of Tata Steel has been in doubt since it announced it would sell its loss-making UK business. | The future of Tata Steel has been in doubt since it announced it would sell its loss-making UK business. |
The UK government has said it would be willing to take a 25% stake in any takeover. | The UK government has said it would be willing to take a 25% stake in any takeover. |
But the Business Department confirmed to BBC Wales that stake was only available to buyers, not Tata. | |
If Tata was to change its decision to sell its UK businesses, the government said it would look at what financial support, if any, was available. | |
As ministers searched for a buyer, Mr Cameron told Parliament on Wednesday: "There is no guarantee of success. | |
"While I want to do everything we can to secure the future, not only for Port Talbot but also for Scunthorpe and steelmaking in Britain, we're coping with a massive oversupply, a collapse in prices, from China." | |
However, he said if politicians "work hard", get a "proper sales process" and get behind the plan on a "bipartisan basis" the much hoped-for rescue could come off. | However, he said if politicians "work hard", get a "proper sales process" and get behind the plan on a "bipartisan basis" the much hoped-for rescue could come off. |
The prime minister visited the Port Talbot site on Tuesday to assure workers, unions and bosses of the government's commitment to supporting the future of steel-making. | The prime minister visited the Port Talbot site on Tuesday to assure workers, unions and bosses of the government's commitment to supporting the future of steel-making. |
At least two potential buyers have shown interest in the business. | At least two potential buyers have shown interest in the business. |
One option is a management buyout backed by the chief of Tata's Port Talbot factory, the UK's largest steel operation. | One option is a management buyout backed by the chief of Tata's Port Talbot factory, the UK's largest steel operation. |
Steel company Liberty House, owned by Sanjeev Gupta, has also said it was interested in buying parts of the business. | Steel company Liberty House, owned by Sanjeev Gupta, has also said it was interested in buying parts of the business. |
Mr Cameron's comments came as Business Secretary Sajid Javid prepared to be questioned by MPs on the steel industry crisis. | Mr Cameron's comments came as Business Secretary Sajid Javid prepared to be questioned by MPs on the steel industry crisis. |
He will appear before the Business Select Committee on Thursday. | He will appear before the Business Select Committee on Thursday. |
Bimlendra Jha, chief executive of Tata, Gareth Stace of trade group UK Steel, and Roy Rickhuss, general secretary of the Community union, will also appear before the committee. | Bimlendra Jha, chief executive of Tata, Gareth Stace of trade group UK Steel, and Roy Rickhuss, general secretary of the Community union, will also appear before the committee. |
Other witnesses will include Marc Meyohas of Greybull Capital, which is buying Tata's plant in Scunthorpe. | Other witnesses will include Marc Meyohas of Greybull Capital, which is buying Tata's plant in Scunthorpe. |
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