00:00 We are saving jobs which would have been lost.
00:03 Without this investment, we would probably have seen
00:05 the end of steelmaking, certainly in this part
00:08 of the country, possibly in the whole of the UK.
00:10 This is a transformation project.
00:12 We're paying 500 million pounds to transform Port Talbot
00:17 into a green steelmaking industry,
00:19 and that's definitely something to be celebrated.
00:21 This is good for the taxpayer.
00:22 This is good for the workforce, because actually,
00:24 when we do have new electric arc furnaces,
00:27 we're going to be able to have many more industries.
00:30 We can have offshore wind.
00:31 There'll be a whole redevelopment of the site.
00:33 This is actually a great deal, not just for Port Talbot,
00:37 but for the UK.
00:38 And what I would say to people who are concerned
00:40 about job losses is that we do understand,
00:43 and we have a transition plan in place
00:45 that's funded up to about 100 million pounds
00:48 to make sure that people have skills to retrain
00:50 and move on to other things if they don't want to stay
00:53 in the steel industry.
00:54 But this plant is going to be continuing.
00:56 It'll continue to be a processing plant.
00:57 and be up and running throughout that period.
00:59 So this is a good new story.
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