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Port Talbot management in 'steelworks takeover bid'

A potential buyout of the Port Talbot steelworks is to be led by one of its most senior staff.

Stuart Wilkie, Managing Director of Tata Strip Products UK, is heading up a buying team alongside other staff members, ITV News understands.

Meanwhile Tata Steel has announced another round of job cuts in Britain as it significantly reduces production.

The company is to cut 1,050 jobs in the UK, including 750 at its plant in Port Talbot in Wales. A further 300 jobs will go in Llanwern, Trostre, Corby and Hartlepool.

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China's steel production is 'unsustainable'

China's steel production is 'unsustainable', an expert has told ITV News.

Steel has driven China's industrial revolution but the economy is slowing and China's appetite for steel has waned.

Global demand may have fallen but China's factories are producing steel in record quantities. Prices have collapsed and the effect is being felt in Wales.

China strategist Andrew Leung said: "The whole thing is unsustainable. If you look at the prices and the input that steel can make... Manufacturing is now geared towards more innovation and high quality manufacturing that doesn't necessarily depend on steel."

ITV News Business Correspondent Joel Hills reports:

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Port Talbot management in 'steelworks takeover bid'

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