£80m package for the Tees Valley after steel industry blow

File photo dated 5/11/2007 of the Corus steelworks at Redcar, which is to be mothballed, with the loss of up to 1,700 jobs, sources told the Press Association. PRESS ASSOCIATION Photo. Issue date: Monday September 28, 2015. See PA story INDUSTRY Steel. Photo credit should read: Owen Humphreys/PA Wire

File photo dated 5/11/2007 of the Corus steelworks at Redcar, which is to be mothballed, with the loss of up to 1,700 jobs, sources told the Press Association. PRESS ASSOCIATION Photo. Issue date: Monday September 28, 2015. See PA story INDUSTRY Steel. Photo credit should read: Owen Humphreys/PA Wire

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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.

File photo dated 18/02/10 of the Teesside Cast Products site in Redcar. Iron and steelmaking at the Redcar steel plant is to be mothballed, with the loss of up to 1,700 jobs, sources told the Press Association.PRESS ASSOCIATION Photo. Picture date: Monday September 28, 2015. See PA story INDUSTRY Steel. Photo credit should read: Owen Humphreys/PA Wire

File photo dated 18/02/10 of the Teesside Cast Products site in Redcar. Iron and steelmaking at the Redcar steel plant is to be mothballed, with the loss of up to 1,700 jobs, sources told the Press Association.PRESS ASSOCIATION Photo. Picture date: Monday September 28, 2015. See PA story INDUSTRY Steel. Photo credit should read: Owen Humphreys/PA Wire

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.