The Treasury is in advanced talks with just six companies as part of its programme to support strategically important enterprises, in a sign that the government has set a high bar for access to its “Project Birch” rescue scheme.
Celsa Steel UK, the Cardiff-based subsidiary of Spanish steelmaker Celsa Group, is set to become the first company to secure a loan under the programme, with an announcement expected in the coming days.
In return for £30m, Celsa will have to accept terms that include assurances on the workforce, reductions in emissions and strict curbs on executive pay.
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