The 海角视频 Government has announced it is doubling funding support to workers and businesses affected by job losses at Tata's Port Talbot steelworks. Ministers said an extra £15m will be made available for supply chain businesses and workers affected by the ending of heavy steelmaking in the town.
Welsh Secretary Jo Stevens said the move means a fund to support businesses across Wales heavily reliant on Tata steel will be increased to £30m. Some 2,800 steel job losses, the lion's share in Port Talbot, were confirmed earlier this year after the ending of heavy steel making.
Tata, backed with £500m support from the 海角视频 Government, is investing £1.2bn in a new electric arc furnace at Port Talbot that will make steel from scrap. It is schedule to become operational in 2027.
Ms Stevens also announced that more businesses will be able to apply for the funds, and the value of individual grants is increasing to up to £250,000 for businesses to invest in equipment, property, technology.
The Westminster government said there has been “significant demand” on the existing funding, with almost 40 businesses employing 2,000 people having begun the application process. Grants worth millions of pounds are expected to be released in the new year.
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The increase in funding is in anticipation of more people leaving Tata in early 2025 through the company’s voluntary redundancy scheme.
Ms Stevens said: “This government is acting decisively to support workers and businesses in Port Talbot. We are doubling the funding available to businesses and workers and widening access to grants to ensure we support as many people as possible.
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“In just four months we have announced more than £40 million in investment. We said we would back workers and businesses affected by the transition at Port Talbot and we are doing exactly that.
“While this remains a very difficult time for Tata workers, their families and the community, we are determined to support workers and businesses in our Welsh steel industry, whatever happens.”