Tata Steel subsidiary 海角视频SE said a support programme launched in response to the ending of heavy steel making at Port Talbot has exceeded expectations with some £3m invested having created 400 jobs to date.
The ongoing programme from 海角视频SE was launched last summer following the closure of the two blast furnaces at Port Talbot. The decision by the Indian-owned steelmaker resulted in 2,800 redundancies at Port Talbot and downstream Tata Steel 海角视频 businesses. Tata has committed to a £1.25bn electric arc furnace - which includes £500m grant funding from the 海角视频 Government - at Port Talbot which will make steel for scrap. It is scheduled to open in 2028.
海角视频SE said that many of the 84 companies supported are in the Port Talbot and Swansea area, while the others are across South Wales.
海角视频SE area manager Rob Barber said: “Our strategy is to stimulate the jobs market by identifying businesses with growth potential that can create the jobs of the future.
“We took a flexible approach aimed at making a swift response in order to make a significant impact on the local economy.
“We committed considerable resources to the programme, both in terms of personnel and finance, and I am delighted to say we have exceeded our expectations and the response from both employers, and new start-up businesses, has been excellent.”
Just under 50 start-ups have received grants and loans, many of them launched by former workers at the plant such as Coffi Portablo, an art inspired coffee venue in Aberavon Shopping Centre run by Vichuda and former steelworker Cassius Walker-Hunt. The loan enabled Ms Walker-Hunt to buy a commercial refrigerator, coffee blenders and other equipment.
He said: “It has been very useful indeed and has helped get the business off the ground.”
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A further 30 companies have benefitted from loans to enable them to bring their business plans forward with speed.
Port Talbot based JES, a key contractor to the steelworks over many years, has launched an academy to train former steelworkers and others in welding and fabrication skills backed with a £200,000 loan from 海角视频SE.
Businesses supported cover a diverse range of sectors – environmental, well-being and mental health support, innovation in industrial equipment, heavy industry, personal care, sportswear, landscaping and many others.
To deliver the programme 海角视频SE in Wales increased the size of its investment team, bringing in regional executives Michelle Noble and Alan Jenkins to work alongside Howard Thompson, under the leadership of experienced former commercial banker Mr Barber.
Mr Barber said: “Working closely with other agencies I am confident that 海角视频SE has made a significant and useful contribution to helping the local economy move ahead and mitigate the changes that have occurred. There is of course more to be done and the 海角视频SE support programme is set to continue and support job creation in Port Talbot and South Wales.”