Celsa Steel UK, Spanish-owned but operating in south Wales, is the recipient. Chancellor Rishi Sunak seems to have decided the UK steel industry must not buckle during the pandemic. Why the secrecy around the financial terms of the loan? One might say it matters little in the case of Celsa, but Tata Steel UK is also in line for a bespoke loan under the Project Birch scheme. That loan could be as much as £500m, and the financial terms would be highly important.

Source: The Guardian July 02, 2020 18:59 UTC