Nieuws en info hier plaatsen (deel 4)

1. voda 23 maart 2016 16:55

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   Mr Sanjeev Gupta of Liberty House vows to revive British steel industry
   
   The Guardian reported that Mr Sanjeev Gupta has vowed to take on the herculean task” of reviving British steel, as his Liberty House firm closes in on a deal to save two Scottish steel mills.
   
   As per report “The global metals group is in talks to buy the Clydebridge and Dalzell steel mills in Lanarkshire from Tata Steel, which mothballed them last year as it hacked back its UK business. A deal could be announced as early as Wednesday, with the Scottish government keen to see a resolution before it breaks up before the election for the nation’s parliament in May. Sticking points are understood to include the amount of backing the government can offer under EU state aid rules and whether Liberty House would take on environmental liabilities immediately.”
   
   Mr Gupta said while he was legally barred from discussing details of the talks, any deal would herald the start of a plan to build a sustainable steel sector in Britain.
   
   He said “This is the beginning of the journey, not the end. To reform the UK steel industry, which is probably the worst in the world, is a herculean task. But I am betting on it. I’m dedicating myself 100% to it.”
   
   He said Liberty House would continue to weigh up bids for steelworks and engineering businesses that could complement each other as part of a nationwide steel empire. He said “Clearly we are an ambitious company. I’ve put myself in the centre of UK industry and I intend to stay here. We are already looking at other plans and will look at possibilities upstream and downstream.”
   
   Mr Gupta’s blueprint is to convert old steelworks by installing furnaces capable of recycling scrap steel, rather than producing it from raw materials. He says the UK exports about 7 million tonnes of scrap steel and imports a similar volume of goods that contain steel parts.
   
   Liberty House bought an advanced engineering business in the Midlands from collapsed steel firm Caparo last year. And Mr Gupta said steel firms could survive by funnelling recycled scrap steel to engineering firms such as these. He said “We could have an entirely efficient industry that is sustainable in the long term. We don’t need to make any steel, we just need to recycle it. It’s not an easy road to follow but there is a way to do it and it needs to be done.”
   
   He added “This is an engineering nation, there’s a great deal of skill and infrastructure, so we can’t just rely on the service sector. We can at least make as much steel as is needed for our own consumption. There is nothing to stop this happening if there is a concerted effort.”
   
   Source : The Guardian
2. voda 23 maart 2016 16:56

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   Tokyo Steel hikes steel bar prices for April sales
   
   Reuters reported that Japan's top electric arc furnace steelmaker Tokyo Steel Manufacturing will raise prices of construction-used steel bars for April delivery by 5 percent in its first hike in over two years, reflecting a rebound in spot prices at home and abroad. The company will increase prices for steel bars, including rebar, by JPY 2,000 (USD 17.83) to JPY 44,000 a tonne
   
   However, prices for the company's main product, H-shaped beams and other products including hot-rolled coils and heavy plates will remain unchanged in April.
   
   Tokyo Steel MD Mr Kiyoshi Imamura told reporters “We believe the domestic steel market has hit a floor following a sharp rebound in overseas prices, led by price hikes by Chinese mills. We expect an upward trend in steel prices to continue as domestic demand for construction materials is solid and inventory for that steel is low.”
   
   That is Toyko Steel's first price hike since January delivery in 2014, possibly indicating that the market has bottomed out after slumping on oversupply.
   
   Tokyo Steel's pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which export to Japan.
   
   Source : Reuters
3. voda 23 maart 2016 16:58

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   Revival of Zisco in final stages - Minister
   
   The Herald reported that Zimbabwe government is finalising the revival strategy for Zisco Steel which will see a new investor coming on board and taking up a controlling stake in the giant Kwekwe steel manufacturing company. Speaking at the South Africa-Zimbabwe Business Forum at Village Lodge in Gweru on Wednesday, Industry and Commerce Deputy Minister Chiratidzo Iris Mabuwa said Government was prioritising the revival of Zisco Steel which is strategic in the economic turnaround of the country.
   
   Deputy Minister Mabuwa said negotiations with a new player were advanced following the collapse of the Essar Holdings deal. She said, Essar started backtracking on the deal following the plummeting of metal prices on the international market and proposed that Government should find a new player to partner the Indian company.
   
   She said "The revival of Zisco is now at its final stage. As you are aware we have been negotiating with Essar Holdings but when metal prices started plummeting on the international market they felt that the business would not be as lucrative as they anticipated. However, they did not totally withdraw but asked not to take the entire portfolio and also requested us to find another partner who will join them in the business.”
   
   She added "It should be understood that when we engaged Essar, they were not the only ones interested in Zisco. We decided that we could not just sit down on an asset and there is something that we are doing now. At the moment I might not be right person to make the announcement but whatever we are doing pertaining to the revival of Zisco is in its final stages.”
   
   Source : The Herald
4. voda 24 maart 2016 15:52

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   ArcelorMittal verkoopt Amerikaanse staalfabrieken
   
   AMSTERDAM (Dow Jones)--ArcelorMittal (MT.AE) heeft twee Amerikaanse staalfabrieken verkocht aan private equity concern Black Diamond Capital Management voor een onbekend bedrag. Dat maakte het staalbedrijf donderdag bekend.
   
   Het gaat om de LaPlace fabriek in Louisana, waaronder ook een faciliteit in de plaats Harriman valt. Het andere onderdeel dat verkocht wordt is de Vinton fabriek in El Paso.
   
   Volgens de staalproducent worden de productiefaciliteiten verkocht, omdat deze niet meer tot de kernactiviteiten behoren.
   
   De desinvestering wordt naar verwachting in april afgerond.
   
   Omstreeks 14.30 uur noteert het aandeel 7,5% lager op EUR3,48, terwijl de AEX met 1,5% daalt.
   
   
   Door Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com
   
   
   
5. voda 24 maart 2016 15:55

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   'ArcelorMittal wil staalprijs in Brazilie optrekken'
   
   AMSTERDAM (Dow Jones)--De Braziliaanse tak van ArcelorMittal (MT.AE) bereidt een prijsverhoging voor van vlakstaal. Dit schreef persbureau Reuters op basis van twee distributeurs.
   
   ArcelorMittal zou, net als sectorgenoot CSN, een prijsverhoging overwegen, nadat concurrent Usiminas al aankondigde de prijzen met 10% te verhogen. Volgens een van de bronnen zouden ArcelorMittal en CSN een verhoging van 10% tot 12% overwegen.
   
   Voor plaatstaal worden de prijzen volgens een bron van Reuters niet opwaarts bijgesteld, vanwege de lastige marktomstandigheden.
   
   
   Door Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com
   
   
6. voda 24 maart 2016 16:26

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   Union’s bid to buy ArcelorMittal’s Point Lisas steel plant shot down
   
   Published on Wed, 23 Mar 2016
   
   Trinidad & Tobago’s The Guardian reported that the Steel Workers Union of T&T (SWUTT) says it has found two private investors, one local and one international, to purchase ArcelorMittal’s Point Lisas steel plant but those efforts may have been in vain as the company is refusing to entertain discussions about a purchase.
   
   SWUTT president Christopher Henry said ArcelorMittal, through managing director Mr Robert Bellisle, had advised the union and its proposed investors to try to buy the plant through its liquidator.
   
   He said “A decision was taken by the union to source investors who would be interested in succeeding ArcelorMittal Point Lisas Limited for a continued operation of the steel industry in T&T, thus securing the livelihood of thousands of citizens. A letter was sent to the company indicating such and a request was made for a meeting. “
   
   Mr Henry provided a copy of a letter sent to SWUTT by Mr Bellisle in response to the union’s query. Mr Bellisle wrote: “As you know, the process of liquidation of the company has commenced. If you would like to submit a formal proposal for the acquisition of the Point Lisas plant, we are willing to review it. However, and given the magnitude of complexities of any acquisition process and the length of time such process would take, we would suggest that you engage in these discussions with the liquidator once one is appointed.”
   
   Mr Henry called on the Government to intervene as he said that move by the company could allow its parent company to return to T&T and buy the plant back at a low cost during the liquidation process.
   
   Source : The Guardian

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7. voda 24 maart 2016 16:28

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   MMK achieves leading position in automotive sheet market
   
   OJSC Magnitogorsk Iron and Steel Works aims for 100% of car manufacturers operating in Russia to accept its metal. The Company consistently implements its import substitution strategy and receives approved rolled steel supplier status.
   
   MMK’s rolled steel has already been approved by 80% of carmakers in Russia. 60% of them procure MMK’s metal on a regular basis. In particular, MMK is a key supplier of rolled steel for AvtoVAZ and UAZ. Furthermore, MMK has received approval from a number of international companies with localized production in Russia. The Company has a track record of supplying steel to such producers and continues to promote its products for existing and potential car plants. In the coming years, MMK plans for 100% of car manufacturers who localize their production in Russia to receive MMK’s steel.
   
   Currently, MMK is a leading supplier of ferrous metal products for car plants and related facilities which produce various car components. MMK holds leading positions in supplying cold-rolled and hot-dip-galvanized steel for the car industry. This was mainly supported by the commissioning of a state-of-the-art cold-rolling Mill 2000 in 2011-2012. The launch of this new facility enabled MMK to convincingly compete with international peers. Thanks to its technological specifications, the Mill 2000 is able to meet the most rigorous requirements for surface quality of cold-rolled and hot-dip-galvanized steel, cover tight thickness requirements, as well as apply zinc-iron (galvanneal) and phosphate coating for anti-corrosion protection, produce high-tensile IF-HS, HSLA, BH and DP steel, which is demanded by producers of cars and car components.
   
   Source : Strategic Research Institute
8. voda 24 maart 2016 16:29

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   SCHMOLZ + BICKENBACH establishes new sales office in Tokyo
   
   SCHMOLZ + BICKENBACH, a global leader in special long steel, is expanding its global sales and services network. The company strengthens its worldwide presence in one of the most important special steel markets and expands its customer service with an own representative office in Tokyo, Japan.
   
   The new location provides Japanese customers such as suppliers to the automotive and electronics industry with comprehensive technical consulting and support and gives them full access to the entire range of products and services in the area of high-tech special steel from the Group's own production facilities.
   
   CEO Clemens Iller commented: „With the opening of a new office in the important Japanese market we increase our presence in strategically important growth markets. A further expansion of the sales and services network is planned in order to bring our leading-edge long steel products and services closer to the customer“.
   
   Thiery Crémailh, CEO Business Unit Sales & Services, added: „Customer proximity is a central element of our success. Our customers in Japan will benefit from this through improved service and shorter delivery times, if required just-in-time“.
   
   Source : Strategic Research Institute
9. voda 24 maart 2016 16:31

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   OMK to deliver 33% of the large dia pipes for Nord Stream 2 Gas Pipeline
   
   United Metallurgical Company (OMK Joint Stock Company, based in Moscow) is one of the winners of an international tender for the delivering of large diameter pipes to build the Nord Stream 2 main pipeline. The pipeline’s two branches will extend 2,500 km and will require 2.2 million tons of pipes.
   
   The Nord Stream 2 AG consortium announced the results of the tender on March 11, 2016. Based on its results, OMK will deliver 33% of LDP for the gas pipeline’s first and second branches. Nord Stream 2 AG chose the suppliers in accordance with the consortium’s procurement policy based on such key criteria as: production facilities, quality, and commercial terms. The delivery contracts will be signed within several weeks after the final negotiations. Pipe deliveries will start in September 2016. The construction of both branches is expected to start in 2018.
   
   The Nord Stream 2 will be based on the successful experience of the Nord Stream gas pipeline project, whose first branch was commissioned in 2011 and whose second branch was inaugurated in 2012. The project is to be implemented by the Nord Stream 2 AG consortium, which was created to design, build and operate the two additional branches of the gas pipeline that run across the Baltic Sea. A shareholders’ agreement was signed by Gazprom, Germany’s energy companies E.ON SE and BASF SE/Wintershall Holding GmbH, English-Dutch Royal Dutch Shell, Austria’s ?MV AG, and France’s ENGIE S.A. The equal participation of the Russian and EU companies in the stock capital reflects the significance of this new infrastructural project for meeting the EU’s energy demands.
   
   In recent years, OMK has produced and supplied pipes to a range of off-shore gas and oil pipelines, including stages 1 and 2 of the Nord Stream gas pipeline, gas pipelines Baidaratskaya Guba, Dzhubga-Lazarevskoye-Sochi, Sakhalin-Khabarovsk-Vladivosto?k, the Varandey oil terminal in the White Sea, and for the underwater pipeline built at the request of South Stream Transport B.V.
   
   Source : Strategic Research Institute

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10. [verwijderd] 26 maart 2016 21:58

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12. voda 29 maart 2016 16:59

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    SAIL BSP progressing well on environmental projects
    
    The Pioneer reported that Steel Authority of India Limited’s Bhilai Steel Plant will be setting up a state of art, plant wide fire detection alarm and monitoring system in the plant. Notably, all pollution control systems in the project expansion underway at the Bhilai Steel Plant is designed to achieve chimney emission within 50mg/Nm3 as per Chhattisgarh Environment Conservation Board directives
    
    Dust suppression system is being installed in new units to control dust from coal and iron ore storage area, they stated.
    
    Dust extraction system is being installed at coal crushing and screening area to control fugitive emission.
    
    Secured landfill facility for disposal of hazardous wastes generated in the Plant
    
    Notably, BSP which had been taking several key steps during the past years to preserve the environment has already eliminated use of CFC-11 by replacing it by Li-Br based Chiller unit, way before the target date of January 1, 2010.
    
    Procurement of Carbon Tetra Chloride (CTC) has been stopped and use of Trichloroethylene has been started
    
    Two projects under the aegis of United Nations Development Programme (UNDP) have been implemented in BSP for the elimination of use of CTC. Procurement of Halon based fire extinguishers have also been replaced by FM 200 based units.
    
    All industrial package air conditioners using CFC-12 were also replaced in a phased manner by units using CFC free refrigerant. The plant has brought down the use of ozone depleting substances to 3.05 tonnes in 2014 from about 10 tonnes a decade ago.
    
    The ozone depleting potential, a true measure of consumption of Ozone depleting substances, has also been reduced to 0.167 tonnes by BSP in 2014, which is amongst lowest in industries.
    
    Under the ongoing Expansion/Modernization projects, BSP has taken due care to fully comply with the Montreal protocol in procurement and installation of, Air conditioning/ refrigeration units. It is also ensured that, the fire protective equipment being procured is also fully complying with the Montreal protocol.
    
    Notably, the expansion and modernisation of Bhilai Steel Plant is underway to take steel manufacturing capacity from 4 MTPA to 7 MTPA.
    
    Source : The Pioneer
13. voda 29 maart 2016 16:59

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    AISI update on raw steel production in US in Week 12
    
    In the week ending March 26, 2016, domestic raw steel production was 1,675,000 net tons while the capability utilization rate was 71.6 percent. Production was 1,601,000 net tons in the week ending March 26, 2015 while the capability utilization then was 67.7 percent. The current week production represents a 4.6 percent increase from the same period in the previous year. Production for the week ending March 26, 2016 is up 0.4 percent from the previous week ending March 19, 2016 when production was 1,668,000 net tons and the rate of capability utilization was 71.3 percent.
    
    Source : Strategic Research Institute
14. voda 29 maart 2016 17:02

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    Need a Plan B to save Port Talbot steel works - Mr Plaid Cymru
    
    Wales Online reported that writing in Sunday Times, the party’s Shadow Treasury minister Mr Adam Price said the Welsh Government needs to take firm action to head off a closure which could come about after a meeting of Tata’s board in Mumbai on Tuesday. Mr Price, who is standing for Plaid Cymru in the Carmarthen East and Dinefwr constituency, urged the Welsh Government to make its case directly to Tata senior executives in Mumbai.
    
    And he called on the Welsh Government to have a contingency plan in place should those efforts fail.
    
    In his article Mr Price warned that Tata might not be open to a trade sale of the Port Talbot works as it has with plants at Scunthorpe and in Scotland. He wrote “Where Tata has closed other plants in the UK – in Scunthorpe and in Scotland - the company has shown itself open to the search for new buyers. There are good reasons to fear though that a trade sale might be ruled out in this case. Tata would not wish to sell Port Talbot to another company because it makes the same products as their Dutch plant, which is more profitable. They would prefer closure and dismantling to allowing the plant to compete with their other works and cannibalise profits. Salvage value would be low since things like blast furnaces are not moveable and much of the equipment is old anyway.”
    
    He added that convincing the allow a new investor to take over the plant would require intervention by Government. He said “When Arcelor Mittal wanted to close two blast furnaces a few years ago in the French town of Florange, President Hollande threatened temporary nationalisation to prevent closure to buy time to find a buyer. A similar tactic was used by the Walloon Govt against the same company in fighting a threatened closure in Liège. On both occasions the move gave the company pause for thought to revise their plans. Who knows, the knowledge that Port Talbot would have to be placed on the open market, may change the calculation currently being made in Mumbai.”
    
    He added “Temporary nationalisation - compulsory purchase to allow the site to be re-sold to a private buyer, sometimes known as ‘conservatorship’ – would certainly be permissible under EU law which only prevents anti-competitive State Aid. This would be a case of Government trying to preserve competition, rather than the desire to shrink steel capacity into an ever narrower base that is driving commercial decisions currently in the European steel industry – the so-called ‘last man standing’ strategy. That buyer would also need to commit to the kind of large-scale investment programme which Tata’s Board to date have demurred. But a new buyer needn’t have to do this all on its own.”
    
    He said “The Welsh Government would certainly need to be an active participant in any rescue plan – as the Scottish Government has been through its temporary nationalisation of Tata’s Scottish plants to allow this week’s acquisition by Liberty Steel to proceed. Some form of support from the UK Government would also be required.”
    
    Mr Price added that the Welsh Government should fly to Mumbai to made its case directly to Tata senior executives, as union officials and Aberavon MP Stephen Kinnock are doing.
    
    Source : Wales Online

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15. voda 29 maart 2016 17:03

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    Hungarian thyssenkrupp acquires Ib Andresen Industri
    
    BBJ reported that Hungarian thyssenkrupp Ferroglobus Kereskedelmi Zrt acquired Gy?r-based Ib Andresen Industri Magyarország Kft. in its entirety through its own resources, taking over leadership on February 29, according to a press release issued today. The Hungarian Competition Authority (GVH) approved the transaction.
    
    As a result of the acquisition, the company expects to further strengthen its automotive supplier position in the region by expanding its portfolio of manufactured products.
    
    The new company will operate under the name Materials Processing Hungary Kft., with an annual capacity of approximately 200,000 tons.
    
    Mr Zoltán Petró, CEO of thyssenkrupp, said “The Hungarian automotive supplier sector is facing serious growth, and our sales network and product and services portfolio is perfectly suited to meet demands raised by this growth.”
    
    Source : BBJ

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16. voda 29 maart 2016 17:04

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    India asks US to comply with WTO ruling against CVD on steel imports
    
    The Hindu Business Line reported that India has asked Washington to comply with the dispute settlement body’s ruling against countervailing duties imposed on imports. The last date for complying with the ruling lapsed on March 19. A government official told BusinessLine “India, together with Japan, the EU, Brazil and China, has also asked the US not to transfer anti-dumping and CVD imposed on imports to its industry, a move that was ruled illegitimate by the WTO several years ago.”
    
    The official said “While the US, at a recent meeting of the Dispute Settlement Body, said it was taking steps to comply with the WTO’s ruling against the CVD imposed on hot-rolled steel, we feel it is playing for more time as it has asked India for all kinds of fresh data related to price and production of steel and coal. This is unacceptable to us.”
    
    New Delhi now plans to use the ‘hearing’ to be held by the US in April on its implementation process for the WTO ruling to ensure that the country sticks to the directions given by the multilateral body.
    
    The WTO, in its ruling on the case filed by India against the CVD, had found faults with the way the US calculated the penal duties including its assumption that the iron ore bought by Indian companies from NMDC is supplied at a subsidised rate because it is a “public body”.
    
    Anti-dumping duties and CVD are penal levies imposed on imports when there is a surge in inflow of particular goods either due to the seller off-loading them at prices lower than what it charges in its domestic market or the exporting country subsidising them.
    
    Source : The Hindu Business Line
17. voda 29 maart 2016 17:04

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    Brazil steel production to fall further in 2016 and 11000 jobs to go
    
    Reuters reported that the Brazil Steel Institute said that Brazil will produce 32.9 million tonnes of raw steel in 2016, 1 percent less than last year, as the sector wrestles with an historic slump in demand amid the worst recession in a generation. President Marco Polo de Mello Lopes told reporters that steel sales for the year are expected to fall 4.1 percent, to 17.4 million tonnes
    
    Mr Lopes said Brazil's steel industry was suffering its worst ever crisis, with nearly 30,000 people laid off over the past two years. According to the institute's forecast, further 11,000 steel workers are expected to lose their jobs this quarter.
    
    Worried at the prospect of little or no growth in the domestic market this year and next, Mr Lopes urged the government to stimulate exports by giving tax breaks to steelmakers, saying Brazil's foreign currency reserves could even be used to pay for the measures. He, referring to a global market in which numerous countries are blocking imports and increasing exportsm said "It's a war out there. Brazil cannot remain aloof.”
    
    Source : Reuters
18. voda 29 maart 2016 17:08

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    Chairman of insolvent Dongbei Special Steel Group hangs himself day before bond maturity
    
    Zero Hedge reported that on Friday morning, Dongbei Special Steel Group reported that the company's Chairman Mr Yang Hua, 53, was found dead after hanging himself in his residence. At present, the authorities are conducting investigations.
    
    A Chinese news report confirmed that the company is indeed insolvent and will most likely be unable to make CNY 800 million yuan bond payment. Dongbei Special Steel announced on the evening of March 25 that, due to tight liquidity, deposit principal and interest payment uncertainty, 800 million yuan bonds maturing 27 15 Eastern Steel CP001 (called the Northeast special steel Group Co., Ltd. 2015 year the first phase of short-term bonds) or face default.
    
    It is reported that the current short margin issue size of 800 million yuan, 6.5% interest rate, the total amount of principal and interest payable of 852 million yuan, the lead underwriter for the China Development Bank.
    
    Joint credit 25 afternoon announcement in Chinese currency network, in view of the Northeast Special Steel, chairman of death by hanging and 15 Eastern Steel CP001 is about to expire payment of principal and interest, will be included in the Northeast Special Steel lowered the credit rating watch list.
    
    Dongbei Special Steel Group Co Ltd. (DSSC for short) was integrated on September of 2004 by three former major state owned enterprises in Northeast China, which included former Dalian Iron & Steel Group Co Ltd., Fushun Special Steel Group Co Ltd and Beiman Special Steel Group Co Ltd. DSSC has been the leading provider within the China specialty steel market producing high quality and high added-value special steel products. The head office of Dongbei Special Steel Group is situated in the beautiful coastal city of Dalian. Besides the three production bases of Dalian Special Steel, Fushun Special Steel and Beiman Special Steel, the subsidiaries have been set up in Dalian, Fushun, Qiqihar, Shandong, Anshan, Shanghai and Inner Mongolia
    
    Source : Zero Hedge
    

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19. voda 29 maart 2016 17:13

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    Senator Wyden Named "Steel Champion" by AISI
    
    The American Iron and Steel Institute recently presented Senator Ron Wyden (D-OR) the “2016 Congressional Steel Champion Award” for his dedication to the American steel industry and its workers. Wyden received the award in recognition of his long-standing support of the steel industry, his leadership in helping secure passage of legislation to improve the antidumping and countervailing duty laws during the debate on Trade Promotion Authority (TPA) last summer and his leadership in obtaining passage of the ENFORCE Act as part of the customs bill enacted into law earlier this year. The award was presented to the Senator by Conrad Winkler, a member of the AISI Board of Directors and President and CEO of EVRAZ North America, which has facilities in Oregon.
    
    Source : Strategic Research Institute

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20. voda 29 maart 2016 17:14

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    • voda

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    ArcelorMittal receives high honours from two key auto partners GM and Ford
    
    ArcelorMittal was recognised by two key automakers this month, General Motors (GM) and Ford Motor Company, for excellence in developing and providing steel products and solutions for their vehicle brands. General Motors awarded ArcelorMittal with its Supplier of the Year award for the third consecutive year while Ford gave ArcelorMittal its highest ranking for the fifth consecutive year as part of its 2015 Business Unit Review.
    
    Source : Strategic Research Institute

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21. voda 29 maart 2016 17:18

    auteur info

    • voda

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    Tata Steel warned on damage to reputation over UK steel plant decision
    
    Financial Times reported that the British government has warned Tata Steel that it faces damage to its international reputation if it decides to close the UK’s biggest steelworks at a crunch board meeting in India on Tuesday. Ministers hope the company will give some “breathing space” to help management of the Port Talbot plant in south Wales turn it round as it navigates an “extremely difficult” situation.
    
    One senior government figure told FT “But our fear is that they will simply close it. That would put Tata’s reputation through a shredding machine.”
    
    The Port Talbot site is the UK’s biggest steel plant, with a workforce of 4,000. It produces 4 million tonnes a year for use in cars, white goods, food cans and coins. Closure would harm the government’s hopes of rebalancing the economy towards manufacturing and would fuel criticism that ministers have not done enough after the Redcar steelworks in north-east England shut in October with the loss of 2,200 jobs.
    
    Source : Financial Times