LONDON – Steel unions say they've secured a commitment from Tata Steel to keep jobs and production at its Port Talbot plan in Wales.
The announcement Wednesday that Tata would keep two blast furnaces operating for five years came after union leaders met for much of the day. Compulsory redundancies will be avoided but unions say the revised pension plan remains "worrying."
The future of the plant and others around the U.K. has been in doubt since March when Tata Steel, based in India, announced plans to sell its U.K. operations.
The business was losing 1 million pounds ($1.4 million) a day amid high costs and a glut of cheap Chinese steel in global markets. That raised fears the plant would close if Tata couldn't find a buyer, eliminating 4,000 jobs.