It has said there could be future investment at the site if there is healthy demand for steel made there in future, but this would depend on a viable business case.
The company has welcomed the offer of potential further investment support from the Government.
However, unions have remained critical of Tata’s plans to close the blast furnaces at Port Talbot and had put forward an alternative plan to keep them open while different future arrangements were drawn up.
It is understood that during talks between ministers and Tata, Mr Reynolds pushed for the last remaining blast furnace to remain open but was ultimately told this was not possible due to irreversible changes Tata had already set in train.
As recently as February, Mr Reynolds said: “The decision of this Conservative government to hand over half a billion pounds of taxpayers’ money to make thousands of people redundant in Port Talbot is a bad deal.
“It is a bad deal for workers. A bad deal for taxpayers. And a bad deal for industry.”
But on Wednesday ministers insisted their modified deal – which has large similarities with the Conservative one – was superior.
Jo Stevens, the Welsh Secretary, said: “This improved deal secures the immediate future of Port Talbot steelworks, lays the foundations for future investment, and enhances protections for the workforce across South Wales, all without further cost to the taxpayer.
“As well as negotiating a better deal than the previous government, we have already released millions of pounds of funding from the Transition Board to support businesses and workers in Port Talbot and across south Wales.”
“While this is a very difficult time for Tata workers, their families and the community, this government is determined to support workers and businesses in our Welsh steel industry, whatever happens.”