Sky News has learnt that Tata Steel, owner of the Port Talbot steelworks in South Wales, has approached ministers to ask for a funding package worth in the region of GBP 500 million. The request is said to be under discussion with the Treasury and the Department for Business, Energy and Industrial Strategy. Sources close to Tata Steel say the talks are at a preliminary stage. Tata Steel spokesman said "We continue to work with both the UK and Welsh governments to identify what support is available."
Further details of the funding request were unclear this weekend, although it is largely understood to comprise a commercial loan that would be repayable when demand for steel recovers.
It comes after Tata Steel's big customers called a halt to production across Europe because of the COVID-19 pandemic.
Source: STEELGURU
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