Steel crisis: MPs to attend emergency Commons debate to secure industry’s survival

MPs are set to attend an emergency meeting in the Commons later today to address the UK’s current steel industry crisis.

Scheduled to last up to three hours, the debate was called for by Labour shadow business secretary Angela Eagle, after being warned that the industry is “hanging by a thread”.

The debate comes after it was announced Tata Steel will sell its Long Products Business to family investment firm Greybull Capital, in a deal that will save over 4,000 jobs.

The deal will see Greybull only pay a nominal fee for the Indian conglomerate’s long-products arm, of which the Scunthorpe plant forms the core.

As well as the the Scunthorpe steelworks, the sale also includes a design consultancy in York, two mills in Teesside, an engineering workshop in Workington, and associated distribution facilities, as well as a mill in northern France.

However, the future of the larger Port Talbot plant in South Wales is not yet secured as the search for a potential buyer continues. The government has also expressed the possibility of playing a major part in the sale of Talbot.

On Monday, Business Secretary Sajid Javid told the Commons that he has “been in contact with potential buyers, making clear that the government stands ready to help. This includes looking at the possibility of co-investing with a buyer on commercial terms.”

The UK’s steel industry has been greatly affected by cheap Chinese steel imports and high energy costs which meant producing the metal in the UK was uneconomical.

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