Tata Steel - ThyssenKrupp Joint Venture Announcement

Stephen Kinnock MP welcomes Tata Steel-ThyssenKrupp joint venture, but calls for more commitments on long-term investment.

Speaking after the announcement of the deal, Stephen Kinnock, MP for Aberavon said:

“I welcome this announcement today, this is good news for the steelworkers at Port Talbot as it helps secure the operations of Tata Steel UK. This joint venture includes commitments to significant investment in the Port Talbot Steelworks, such as vital major repair works which will keep Blast Furnace 5 running until at least 2026.

“Further commitments such as no compulsory redundancies before 2026, and the first 200m of any operating profits being reinvested in the business are all very welcome news for my constituents who have been living with uncertainty over their jobs for far too long.

“However, for this joint venture to really succeed and to guarantee the longer term future of the plant, and the UK Steel industry, sustained investment in the plant is needed over and above the currently committed work on Blast Furnace 5.

“The UK Government also needs to step up and play its part and back the sector deal for steel and follow through on its promises on energy costs and procurement.

“It’s over two years since I flew out to Mumbai with Community Union colleagues, for crisis talks with the Tata Group. Since then steelworkers in Port Talbot and across the length and breadth of the UK have fought tooth and nail to save the British steel industry. 

“Thanks to the passion, professionalism, commitment and dedication of the workforce we are now in a far better place than we were back then, but we’re certainly not out of the woods yet. 

“With Brexit looming large and Trump recklessly spoiling for a trade war there are still all sorts of risks and challenges facing our industry. By teaming up with thyssenkrupp Tata Steel has added strength and resilience to its recovery, but we must now be vigilant, to ensure that we see full delivery on all the important commitments that have been made by all parties today.”