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Old 10th August 2019, 23:37   #1 (permalink)
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Turkish Military may save British Steel

The Turkish Military pension fund Ataer a subsidiary of Oyak, is the favorite, to be the savior of British Steel, and save 4,000 British jobs .... of course with a £300 million incentive thrown from the UK money tree...


The good thing apart from the saving of 4000 jobs is Ataer want to invest in the Scunthorpe plant and want to make the greenest steel in Europe ..... by modernizing and converting the plant to use gas.



Sky News has learnt that ministers at the Department for Business, Energy and Industrial Strategy (BEIS) have signed off on the package, which will encompass grants, possible indemnities, loans on commercial terms and other items.

The move will, if finalised, smooth the path towards a takeover of British Steel that would salvage many thousands of jobs.

City sources said on Friday that the government's agreement to provide the funding would enable the Official Receiver (OR) to grant Ataer Holding a formal period of exclusivity within which to complete a takeover of the UK's second-largest steel producer.

Some of the figures associated with the support package have yet to be finalised but in aggregate it is understood that it could amount to a long-term sum worth more than £300m.

The final number could vary depending upon which elements are ultimately utilised by Ataer.

Insiders said that the funding would not breach EU state aid rules - which had been a factor in the government's decision not to provide additional money to British Steel before it collapsed into insolvency in May.

https://sun-fm.com/sky-news/latest/business/11781023/
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Old 11th August 2019, 02:48   #2 (permalink)
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Re: Turkish Military may save British Steel

I wouldn’t invest my knicker elastic in the Uk - wouldn’t last a week!
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Old 11th August 2019, 04:28   #3 (permalink)
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Re: Turkish Military may save British Steel

Quote:
Originally Posted by Camden View Post
The Turkish Military pension fund Ataer a subsidiary of Oyak, is the favorite, to be the savior of British Steel, and save 4,000 British jobs .... of course with a £300 million incentive thrown from the UK money tree...

Insiders said that the funding would not breach EU state aid rules - which had been a factor in the government's decision not to provide additional money to British Steel before it collapsed into insolvency in May.
EU rules - another reason to get out fast.
I hope the government has the gumption to ensure that all new infrastructure projects are specified with British made steel. Likewise Navy boats etc. UK may pay more but guarantee jobs (and taxes) and skills. So you either subsidise deals like this or you pay to keep people unemployed and idle.

Ian
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Old 11th August 2019, 05:27   #4 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by immac View Post
EU rules - another reason to get out fast.
I hope the government has the gumption to ensure that all new infrastructure projects are specified with British made steel. Likewise Navy boats etc. UK may pay more but guarantee jobs (and taxes) and skills. So you either subsidise deals like this or you pay to keep people unemployed and idle.

Ian
That seemed not to suit when we closed the mines, and the bulk of our Steeel industry, I seem to recall the same schpeil when Mittal bought it a few years back, what has changed to reverse policy? [Love that you blame the EU for this]
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Old 11th August 2019, 06:39   #5 (permalink)
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Re: Turkish Military may save British Steel

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[Love that you blame the EU for this]
I didn't.

Ian
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Old 11th August 2019, 06:43   #6 (permalink)
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Re: Turkish Military may save British Steel

Quote:
Originally Posted by Camden View Post
The Turkish Military pension fund Ataer a subsidiary of Oyak, is the favorite, to be the savior of British Steel, and save 4,000 British jobs .... of course with a £300 million incentive thrown from the UK money tree...
https://sun-fm.com/sky-news/latest/business/11781023/
Good news for the workers no doubt but is selling off national assets really the answer?

If the Turks can turn the plant around why can’t the Brits?

Just asking … 😊
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Old 11th August 2019, 06:45   #7 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by magpie View Post
I wouldn’t invest my knicker elastic in the Uk - wouldn’t last a week!
If it's not a personal question - how long does your knicker elastic usually last?
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Old 11th August 2019, 07:50   #8 (permalink)
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Re: Turkish Military may save British Steel

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I wouldn’t invest my knicker elastic in the Uk - wouldn’t last a week!
AAhhh , the ups and downs of life in general.... are they that unTENAble

Friction burns

Steve
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Old 11th August 2019, 07:56   #9 (permalink)
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Re: Turkish Military may save British Steel

Would like to be a fly on the wall when the new Turkish owners discover that there are legally enforceable rules and regs in the UK pertaining to business and employment law ...quelle horreur .

Steve
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Old 11th August 2019, 10:43   #10 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by immac View Post
I didn't.

Ian
May I ask then why you included this ? It gives the impression of fault?

"EU rules - another reason to get out fast."

And the reason for policy reversal? is there one?
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