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Investment in Port Talbot cannot come soon enough, but it might be the last roll of the dice

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Sajid Javid, Jacob Rees-Mogg, Greg Clark, Rishi Sunak, Grant Shapps and Kemi Badenoch: the list of Tory chancellors and business secretaries who have sought to unlock the puzzle of the British steel industry's future in recent years is almost as long as the number of active production facilities remaining in Britain.

Negotiations over a revised deal that would contribute £500m of public money are, apparently, close to a successful conclusion.

It wouldn't be without cost, though - and not only in terms of the nine-figure sum being provided from the public purse. These wouldn't be immediate, but well-placed observers say that a reduction in Tata Steel's UK workforce from 8,000 to around 5,000 is conceivable in the coming years.

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