The UK government is poised to announce a £500mn-plus subsidy to secure the future of Britain’s biggest steelworks at Port Talbot in Wales but it will not prevent the ultimate loss of about 3,000 jobs.
The long-awaited agreement with India’s Tata Group is expected to be unveiled this Friday, according to two people familiar with the talks. Under the terms of the deal, the Indian company will invest around £700mn of its own money into the operations to help it move to greener forms of steelmaking.
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