Tata Steel to invest £2m in new offshore products.
Tata Steel has announced a near £2 million investment programme to build a new generation of offshore products.
The company said the move emphasises its commitment to supporting North Sea oil and gas production. The investment will be made in its Hartlepool and Port Talbot plants.
Barry Rust, energy and sustainability manager at Tata Steel, said: “These important investments demonstrate Tata Steel’s continued commitment to health and safety and improving and increasing our product range to the North Sea and the oil and gas industry around the world, to help it meet ever- increasing challenges.
“We’ve been involved in some of the largest projects in the UK Continental Shelf over the last 20 years and look forward to supporting the North Sea and the international industry for many years to come.”
Offshore products affecting pensions?
Clearance has been given to transfer the former British Steel Pension Scheme (BSPS) to the Pension Protection Fund (PPF).
Now the estimated 20,000, stake-holders in the Scunthorpe area will have to decide how to best protect their nest-eggs.
They can stick with the PPF or move to a new scheme set up with a £550 million investment from Tata Steel UK, the former owners of the Scunthorpe works.
Members have been told they will receive personal information by next month (October).
The trustees of the old BSPS believe the new scheme has sufficient assets to fund benefits better than PPF compensation for most members.
But before the new scheme can come into effect, it will need to meet certain qualifying conditions relating to size and funding level.
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