A STEEL firm has unveiled turnaround plans unions say will protect jobs into the next decade.

Tata Steel has put forward a raft of proposals aimed at strengthening its UK business.

The company has been forced to act after cheap imports, low market prices and rising energy costs knocked its progress.

Bosses sold its loss-making Long Products division, which employs hundreds of North-East workers, to investor Greybull Capital for £1 earlier this year, and remain in talks with Liberty House over sections of its Hartlepool pipe mills business.

Fears had also been raised about the future of the business’ flagship Port Talbot works.

However, after negotiations with unions, the business says it has a number of proposals, subject to financial performance, which it believes will give its British operations greater stability.

Those plans include closing the British Steel Pension Scheme and replacing it with a new pot, and a five-year commitment to continue blast furnace work at Port Talbot.

Unions say officials will also seek to avoid any compulsory redundancies for five years.

Koushik Chatterjee, executive director for Tata’s European business last night said: “These are unprecedented times for the steel industry and there is much more work to be done.”

Roy Rickhuss, general secretary at steelworkers’ union, Community, added: “We will continue to work closely with Tata and all levels of the Government to build a sustainable future for Britain’s steel industry.”

The Northern Echo previously revealed Liberty was close to an agreement to take on sections of Tata’s Hartlepool pipe mills enterprise, which processes steel for the offshore energy sector.

If the bid is successful, it is understood around 250 jobs would be secured, with a similar number of staff staying on at Tata’s 20-inch Hartlepool mill, which is not being put up for sale.