16 April 2012

Tata New Investment in Wales

Welsh First Minister Carwyn Jones has announced that Tata Steel will be further investing up to £800 million  in Wales over the next five years, this announcement follows the business visit to India last week.

This  decision to further invest in Wales, results on the business confidence that Wales is open for business and it is a great investment location.

Tata vice chairman Balasubramanian Muthuraman, stated the company plans to invest in Wales production capabilities and increasing the flexibility for more product solutions derivatives. Tata is building a new blast furnace at Port Talbot.

First Minister Carwyn Jones stated: “Mr Muthuraman paid tribute to the quality of the workforce available in Wales and recognised the importance of the continuing partnership with the Welsh Government in creating confidence for long-term investment decisions. He noted too that Port Talbot is one of the best sites in Europe for steelmaking. This is excellent news for our communities and a massive vote of confidence in Wales. A first class workforce, strong industrial relations and a mutually supportive relationship with the Welsh Government have all played a part.”

A statement for Tata Steel: “Tata Steel’s key near-term investment in Wales is the £185m to be spent on rebuilding the Number Four blast furnace at Port Talbot, work on which is scheduled to start in June. This is in itself a substantial vote of confidence in Welsh steel production. A blast furnace is normally relined every 10, 15 or 20 years and a complete rebuild, which is an even bigger project than a reline, is an investment with a similarly long-term horizon. Other near-term investment projects take the investment committed at Port Talbot to almost £250m. At this stage it is not possible for us to be more specific about any further investment projects before the details have been finalised and approved.”

Overall, this is good news for Wales and its people thus securing jobs. As a result, Mr Carwyn Jones visit to India has been worthwhile and increased the self-confidence of Wales as a country.