Celsa Steel UK: Coronavirus

Department for Business, Energy and Industrial Strategy written question – answered on 17th July 2020.

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Photo of Andrew Slaughter Andrew Slaughter Labour, Hammersmith

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will publish the terms of the bailout loan provided to Celsa Steel, including (a) the detail of the conditions applied on (i) jobs, (ii) climate, (iii) governance and (iv) tax, (b) how those conditions are legally binding, (c) the steps the Government plans take to monitor compliance with those conditions and (d) what options the Government has available to it and will take if those conditions are not met.

Photo of Nadhim Zahawi Nadhim Zahawi Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

As set out in my Rt. Hon. Friend the Secretary of State’s Written Ministerial Statement on 2 July, the details of the loan to Celsa UK are subject to commercial confidentiality.

The loan has been designed to benefit the workforce, business, and wider society. This will ensure that public money is used to further benefit the UK, including protecting over 1,000 jobs. The loan requires further financial commitments from shareholders and existing lenders and will be monitored by the Government in line with HM Treasury’s rules on ‘Managing Public Money’.

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