Angela Eagle MP, Labour’s Shadow Business Secretary, responding to Tata Steel’s announcement of the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business, said:

“This is a potentially positive step towards ending the uncertainty that has hung over the Long Products business and the communities in Scunthorpe and Teesside for so long.

“As negotiations begin it’s important that both sides continue to work closely with trade unions, works councils and with employees to ensure that any potential deal is based on a long-term and sustainable vision for the business.“

On the wider crisis facing the steel industry, Angela Eagle said:

“Labour has long called for the Government to take urgent and immediate action to help the steel industry because it is of vital strategic importance to our manufacturing supply chain, but the Government has been slow to act and has sat on its hands while the industry has descended further into crisis.

“The Government must take urgent action to address the asks from the industry and trade unions, which will help create a long-term and sustainable model for the steel industry, for example to address high energy prices, unfair and anti-competitive practices from some international producers, as well as additional export and procurement support.

“Only by taking immediate and decisive action can the Government make sure the steel industry survives so that it can benefit from planned infrastructure spending.”