I’m not going to try and to compete with the BBC, Its reporting on the announcement that the blast furnaces at Port Talbot will be closing and 3000 jobs will be lost at Tata Steel, is magnificent. Give this a look , especially Michael Sheen’s video.
A “just transition” for the town and community?
Tata is presiding over what is referred to as a “just transition” from a coal burning to an electric generated process. But “just” does not seem the right word for those who lose their jobs. What is plan B for Port Talbot?
What is Plan B for the 3000+ steelworkers in the FCA’s redress scheme, those relieved of a wage for life DB plan , swapped for freedom from a pension? Many steelworkers are happy to have a pot they can draw on and comfortable that the pot will meet their lifetime needs.
Many feel the loss of their pension and want more than the pathetic redress they are currently getting, they want back in a pension scheme – they too want a plan B.
It is no use telling people about “just transitions” and “redress schemes” if nothing is done. Port Talbot will need massive inward investment if it is not to become another post-industrial ghost-town, its people need to be given back a right to be in an occupational pension,
Steelworkers are smart, know what they want and won’t be bullied. They are also trusting and they have been let down enough to be wary of any City boy coming down with a bright idea. They have their champions, who keep them informed through social media groups and through group meetings, many have been to Westminster and know the MPs who still demand reform.
A just restitution of pensions
Half a decade has gone by since the infamous “Time to Choose exercise”. Since then there have been inquiries, promises but no practical steps for pension restitution.
I am using the dreadful news for Port Talbot to remind my readers (which include many steelworkers) that they are not forgotten and – regulators willing – a restitution scheme will follow.
My hope is that if Government can afford £600m + to transition to electric arc furnaces, they can afford a little regulatory time, to review and approve the proposals I and others are putting on the table.
Port Talbot needs a plan B.
Aberavon beach https://en.wikipedia.org/wiki/Aberavon_Beach
Steel comes in many forms and blast furnaces produce the crude end of the spectrum.
Surely the solution would be to produce a greater proportion of the specialist high value steel that the market will pay a premium price for rather than one that predictably makes a loss.
There have been a number of cash injections to make the transition but change has not happened. Is the problem one of management? let’s hope the unions can work with the tax payer to make a transition and retraining required to preserve jobs. Would the pension fund buy into the infrastructure to help maybe by replacing Tata?