An £80m package of support for the Tees Valley was announced by the Government today.
It comes after the mothballing of SSI’s Redcar plant and includes support for workers who have lost their jobs.
Other measures include funding for SSI workers to train at local colleges and tailored support for them via Jobcentre Plus.
Finance to assist workers if they want to start up their own business and for local small businesses to grow and create jobs
And to back up the plans, Government officials - Business Secretary Sajid Javid and Business Minister Anna Soubry - were due at a taskforce meeting in Redcar today.
Sajid Javid said: “The package we are announcing today will provide important support to workers and the local economy. Across government we will continue to focus on providing assistance where we can.”
The package we are announcing today will provide important support to workers and the local economy. Across government we will continue to focus on providing assistance where we can
The Government will be holding a steel summit on Friday, October 16.
Steel companies, MPs, trade unions, Welsh and Scottish Government representatives will be invited to look at how best to work together to find solutions to the challenges being faced in the current very difficult global market conditions.
It will also start mapping out a path to a sustainable future for the industry.
The Government is also currently considering a landmark devolution proposal from Tees Valley which would devolve powers from Whitehall into the hands of local people and businesses.
Since 2013 the Government has paid £47.7m in compensation to steelmakers to mitigate the impact of climate change policy on electricity costs.
The Government has also identified a pipeline of over 500 infrastructure projects to help the industry win contracts and taken steps to ensure business gets the most out of procurement opportunities through the Government’s ‘Contracts Finder’ portal.