A report by the BBC claims that Aberavon MP Stephen Kinnock believes that Tata Steel in the UK will need around £500 million of government support in order to survive the global COVID-19 pandemic.
The BBC report claims that Sky News has reported that Tata Steel, which employs over 8,000 people in the UK, is asking for support because many of its customers have halted production because of the COVID-19 crisis. Both the UK and Welsh Governments have been approached.
According to Stephen Kinnock, Tata Steel estimates it will take around six months to get back to business as usual and that the government's £50 million cap on loans is only 10% of what Tata Steel needs.