Tata Steel is seeking a government bailout worth about £500m as Covid-19 hammers demand from the construction and car industries.
Tata, which owns the vast Port Talbot steelworks in south Wales, is the latest big employer to ask ministers for support. The steelworks’ Indian parent, Tata Group, also owns Jaguar Land Rover, which has halted production and is haemorrhaging cash.
Car-makers have asked the government for a “cash for clunkers” scrappage scheme to stimulate demand.
Virgin Atlantic, another big employer with about 10,000 staff, is hunting for new private investors after having its £500m bailout request rebuffed by the government.
Steel-making has endured a steady decline since Tata’s disastrous £6.7bn purchase of European steel giant Corus at the top of the market in 2007. About