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UK Government Grants Emergency Loan to Celsa Steel

Steel News - Published on Fri, 03 Jul 2020

Image Source: Government Loan Celsa Steel
UK Government has given an emergency loan to Celsa Steel to allow the company to continue trading and secure more than 1,000 jobs. As part of the loan, which is expected to be repaid in full, the company must meet a series of legally binding conditions. These include commitments to protect jobs, on climate change and net zero targets, and restraints on executive pay and bonuses. The goverment said this will ensure public money is used to aid wider government policies to further benefit the UK.

Community Union General Secretary Roy Rickhuss said “This is the right approach from government and this agreement is welcome. We’ve said since the start of this crisis that we need our industry to survive the pandemic and then thrive in the future so it can be at the foundation of the recovery. This agreement with Celsa Steel is a vital part of ensuring that can happen and will help to provide some certainty and confidence at a challenging time. We hope this is just the start of steel companies securing the support from government that they need to get through this crisis. The loans are necessary but alone are not enough. More will need to be done by government to step up and stimulate demand and to make sure that works for UK steel producers. Celsa can play an important role in supplying steel for major infrastructure projects but it needs the right environment in which to compete and the right procurement decisions which keep the most value and jobs in the UK.”

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Posted By : Yogender Pancholi on Fri, 03 Jul 2020
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