Business Times February 2024

Page 1

Business Times February 2024

Est. 1991

NE W S

In print and online Business Times is published in Northamptonshire for the county’s business community www.Business-Times.co.uk

NE W S

Assessed: Rent auctions plan to revive high streets. P3

FE AT UR E

Year of Warehousing campaign begins in Wellingborough. P5

Steel plant set to escape South Wales jobs axe

J

ob losses are expected to be ‘minimal’ at Tata Steel’s UK plant in Corby following the company’s announcement to close blast furnaces at Port Talbot. The decision to move to a more sustainable, green steel business will see the loss of up to 2,800 employees across the company. A statutory consultation is now under way as part of the company’s plan to ‘transform and restructure its UK business’ but a company spokesperson confirmed to Business Times that it was unlikely that the decision would have a major impact on Northamptonshire jobs. “We are expecting minimal cuts at Corby and any made to be through natural attrition,” the spokesman said. The transformation at Port Talbot would secure most of Tata Steel UK’s existing product capability

Any measures at Corby mill likely to be ‘a slimming down exercise’, says Tata Steel spokesman and maintain the country’s selfsufficiency in steelmaking, while also reducing Tata Steel UK’s carbon dioxide emissions by five million tonnes per year and overall UK emissions by about 1.5 per cent. In March last year Corby’s Weldon Road plant underwent a £5 million investment in state-of-the-art electric induction furnaces to reduce emissions from one of Tata Steel’s tube mills by at least 2,000 tonnes of CO2 a year. The latest plans follow detailed discussions with the UK multi-trade union representative body the UK Steel Committee and its advisors,

in which Tata Steel carefully considered its endorsed proposal for maintaining a single blast furnace Having considered that proposal, Tata Steel has agreed to adopt elements but considers that continued blast furnace production is not feasible or affordable. Under the transformation plan, Tata Steel will embark on a £1.25 billion investment in Electric Arc Furnace technology in Port Talbot and asset upgrades to secure longterm, high-quality production at the UK’s largest steelmaker. The proposed investment is supported by the UK government,

which has committed up to £500 million to enable the transformation. Tata Steel plans to invest £750 million in the project, alongside funding for a comprehensive support package for affected employees, business restructuring and transition costs as part of its long-term commitment to UK production. Around 2,500 roles across the company would be impacted in the next 18 months. The spokesperson said: “We have no clarity yet on the impact of the UK-wide announcement on our downstream processing businesses such as Corby. It is likely to be a slimming down exercise rather than fundamental cuts. “It is likely that most, if not all, such reductions would come from existing vacancies or voluntary redundancies.” > To page 4.

AW AR DS

Revealed: The benefits of lean manufacturing. P8

EX PO

The search is on for county’s brightest SMEs. P15

Join us at Sywell Aerodrome for Your Business Expo P15-19

Corby appears likely to escape the severe cuts announced by Tata Steel at its plant in Port Talbot, South Wales, last month. Actions in Northamptonshire look set to be a “slimming down” rather than more severe measures, a spokesman has told Business Times

For expert legal advice, we’re here to help. franklins-sols.co.uk

Our expertise includes • Conveyancing

• Business Services

• Wills & Probate

• Dispute Resolution

• Employment Law

• Commercial Property

• Family Law

• Intellectual Property


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.