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Hain seeks Corus job assurances Corus assurances over Welsh jobs
(30 minutes later)
Welsh Secretary Peter Hain is seeking assurances over steel jobs in Wales after Corus said it was accepting a takeover offer from an Indian rival. Corus has sought to reassure workers in Wales over steel jobs after accepting a takeover offer from an Indian rival.
Corus, which employs 7,900 in Wales, mostly at Port Talbot, Llanwern and Shotton, said the £4.3bn offer from Tata Steel was "not about job losses." The company, which employs 7,900 in Wales, mostly at Port Talbot, Llanwern and Shotton, said the £4.3bn offer from Tata Steel was "not about job losses."
Mr Hain said the plants made a "vital" contribution to the Welsh economy. Chief executive Philippe Varin said it was about "building a global company which will have an outstanding position in the world".
Conservative assembly economic spokesman Alun Cairns said he had fears if there was a downturn in the market. Welsh secretary Peter Hain earlier said he was seeking "urgent assurances".
He said the plants' contribution was "vital" to the Welsh economy.
Mr Hain said he would be contacting Tata and Corus executives and the Indian High Commission.Mr Hain said he would be contacting Tata and Corus executives and the Indian High Commission.
"This take-over could present enormous opportunities for the plants because of direct links to the huge burgeoning Asian steel markets," he said."This take-over could present enormous opportunities for the plants because of direct links to the huge burgeoning Asian steel markets," he said.
"But I will be keeping the situation closely monitored.""But I will be keeping the situation closely monitored."
Corus said it currently employed 3,166 people at Port Talbot, 1,800 at Llanwern and 1,000 at ShottonCorus said it currently employed 3,166 people at Port Talbot, 1,800 at Llanwern and 1,000 at Shotton
It also has processing units at Llanelli and Ammanford.It also has processing units at Llanelli and Ammanford.
If approved by Corus shareholders, the deal would create the world's fifth-biggest steel firm.If approved by Corus shareholders, the deal would create the world's fifth-biggest steel firm.
'Outstanding position''Outstanding position'
Mr Cairns said it was "absolutely essential" workers were reassured about their employment prospects, pay and pensions. Conservative assembly economic spokesman Alun Cairns said it was "absolutely essential" workers were reassured about their employment prospects, pay and pensions.
"I would have concerns for the industry in Wales if there is a downturn in the market as it is cheaper to manufacture steel in countries like India than it is in Europe."I would have concerns for the industry in Wales if there is a downturn in the market as it is cheaper to manufacture steel in countries like India than it is in Europe.
"It is crucial the assembly government meets with the company to ensure that the interests of the industry in Wales are not ignored.""It is crucial the assembly government meets with the company to ensure that the interests of the industry in Wales are not ignored."
Corus chief executive Philippe Varin told the BBC that the deal was "not about job losses."Corus chief executive Philippe Varin told the BBC that the deal was "not about job losses."
He said: "This deal is about building a global company which will have an outstanding position in the world and steel which is consolidating. He said: "There will not be any immediate moves because this deal is not about plant relocation. It is about growth."
"There will not be any immediate moves because this deal is not about plant relocation. It is about growth."
A spokesman for the company in Wales added: "There is a lot of enthusiasm for what has happened today down here in Wales. This is a business decision and it is all about growth and improvement."A spokesman for the company in Wales added: "There is a lot of enthusiasm for what has happened today down here in Wales. This is a business decision and it is all about growth and improvement."
The steel union Community, said it was "urgently seeking talks with the company on a range of issues, in particular its plans for investment in the UK".The steel union Community, said it was "urgently seeking talks with the company on a range of issues, in particular its plans for investment in the UK".