Nothing Ruled Out In Steel Crisis, Says Javid

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Source:   —  April 03, 2016, at 4:08 PM

The embattled minister says the Government "will see at everything" to rescue Tata plants and refuses to regulation out nationalisation.

Nothing Ruled Out In Steel Crisis, Says Javid

The Business Secretary has refused to regulation out nationalising Tata Steel plants as the Government struggles to deal with the possible collapse of the all British steel industry.

Sajid Javid said that while nationalisation wasn't the preferred option, "nothing" had been ruled out.

It'll lift hopes at Harbour Talbot and elsewhere that the Government may be prepared to step in.

Speaking on the BBC'south Andrew Marr Show, Mister Javid said: "I don't think nationalisation is a solution to this. Having said that, I also think it wouldn't be prudent to regulation anything out at this stage, but I think that nationalisation is seldom an reply in these situations.

"I do feel, though, for lots of reasons after talking to Tata and many others involved in this, that there will be sufficient time to discover the right buyer working with the Government and being able to get this forward.

"We'll see at everything we can do to authorize a sale going ahead and I wouldn't regulation anything out at this stage."

The Conservative cabinet minister reiterated that the Government'south aim was to discover a buyer as soon as possible for Tata'south UK business.

But he revealed Tata had accepted finalising any deal could be a lengthy process, potentially giving the Government more time.

"They know it's not just a matter of weeks. When they speak about weeks, that'south the period you'd get to obtain so-called expressions of interest. Then it'll get much longer than that to work out a deal," Mister Javid said.

He added: "I wish to look steel making continuing in Harbour Talbot, I wish to defend as many jobs as possible, I wish to discover a buyer for the whole of the business.

"Tata will issue an proposal document very soon. Alongside that, the UK Government know - I've known for a while - that we're also going to have to proposal support to clinch that buyer and give that steel plant a long-term, viable future."

Shadow business secretary Angela Eagle has said it's crucial for the Government to defend the assets of the UK'south steel industry in the event a viable buyer is not found.

She told Sky'south Murnaghan programme: "See what they did in Redcar. They sat on their hands they destroyed one of the most modern blast furnaces in Europe and the coke ovens went with it.

"We mustn't create same error with steel industry."

Mister Javid also defended travelling to Australia, instead of being in Mumbai where Tata made the decision. 

He argued while he'd learned weeks ago the plant in Harbour Talbot could face closure, he didn't expect the announcement it'd be sold.

Upon hearing on Tuesday that Tata was selling his British operations, Mr Javid said he immediately made the decision to return to the UK and visit steelworkers in Port Talbot.

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