Tata Steel Ltd may agree to keep its Port Talbot steel plant open after the UK government offered the Tata group company a multimillion-pound loan to persuade it to remain in the UK, the Financial Times newspaper reported on Friday, citing unnamed sources.
Tata Steel, that has started sale process of its UK assets, turned to the UK government, seeking further financial incentives to stay on in the country after failing to receive assurances that prospective buyers would keep the plant open for more than three years, the newspaper report said.
“Tata is understood to be discussing a state loan of hundreds of millions of pounds on ‘commercial terms’. That could partly replace an existing £900 million loan from Tata’s parent company to Tata Steel UK. The talks follow the opening of a government consultation into potential legal changes to the deficit-hit British Steel Pension Scheme that would reduce its onerous liabilities by several billion pounds,” the news report said.
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