HUNDREDS of Welsh steelworkers’ jobs were left dangling on the line yesterday after manufacturing firm Tata Steel announced plans to slash up to 400 jobs from its Port Talbot site in South Wales — just weeks after it announced annual global pre-tax profits of £366 million.

The firm’s European chief executive Karl Koehler said it had invested heavily in Port Talbot’s plant in recent years, but predicted low demand driving down prices and profits for several years to come.

“Our business rates in the UK are much higher than other EU countries and our UK energy costs will remain uncompetitive until new mitigation measures come into effect,” he said.