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<p>This Government is supporting Tata Steel with £500 million towards building of
the electric arc furnace, securing the future of steelmaking at Port Talbot. This
will protect 5,000 steel jobs and thousands more in the supply chain. The Tata Steel/Port
Talbot Transition Board has been set up to support those affected by Tata Steel’s
decarbonisation transition, backed by a £100 million fund. Of that funding, £80 million
is provided by the UK Government and £20 million will be provided by Tata.</p><p>
</p><p>The Transition Board has commissioned the development of a Local Economic Action
Plan to assess the economic impact in South Wales, as well as provide the Transition
Board with advice on how to support and grow the local economy. The full impact of
Tata Steel’s transition on the wider supply chains and the South Wales economy depends
on the outcome of the formal consultation, which remains underway.</p><p> </p><p>This
Government acknowledges the need for immediate as well as long-term support, especially
in the wake of the announcement on 18 March that Tata Steel UK will cease operation
of coke ovens at their Port Talbot site. This decision, while primarily an operational
matter for Tata Steel UK, shows again why the UK government is right to step in with
one of the largest support packages in our history to secure the future of the Welsh
steel industry.</p>
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