UK government grants emergency loan to Celsa Steel

The UK government has provided an emergency loan to Celsa Steel to enable the company to continue trading and provide over 1,000 jobs. As part of the loan, which is expected to be fully repaid, the company must meet a number of legally binding conditions. These include commitments to protect jobs from climate change and zero targets, as well as restrictions on wages and bonuses. The government said this will ensure that public funds are used to support broader public policies that will add value to the UK.

Community Union Secretary General Roy Rikhass said: “This is the right approach from the government and this agreement is welcome. We have been saying since the beginning of this crisis that we need our industry to survive the pandemic and then thrive in the future so that it can be the backbone of recovery. This agreement with Celsa Steel is an important part of ensuring this and will help provide a certain amount of confidence and confidence in times of need. We hope this is just the beginning of the steel companies receiving the government support they need to overcome the crisis. Loans are necessary, but not enough alone. The government will have to do more to boost demand and stimulate demand, and to make sure this works for UK steel producers.