Tata Steel apprehensive of UK media reports over investment plans - ET Infra

Tata Steel apprehensive of UK media reports over investment plans – ET Infra

Posted by Admin June 11, 2024 Infra

NEW DELHI: Tata steel has expressed apprehensions about British media reports suggesting that the 1.25 billion pounds investment in Port Talbot plant may be impacted on account of policy differences between the UK government and the opposition. In September 2023, Tata Steel and the UK government agreed on a joint investment plan of 1.25 billion pounds to execute decarbonisation plans at Port Talbot steel making facility in Britain.

Of the 1.25 billion pounds, 500 million pounds would be provided by the UK government.

“We are apprehensive reading UK media reports suggesting that the £1.25 billion investment, the largest in many decades in British steelmaking, may be put in peril due to policy differences expressed by the Conservative and Labour parties, during the ongoing election period,” the company said in a statement.

Tata Steel said it will continue with the announced closure of the heavy-end assets and restructuring programme at Port Talbot in the coming months.

Over the last three years, Tata Steel, part of India’s Tata Group, and the UK government have worked hard to develop a sustainable future for Tata Steel UK and the Port Talbot plant.

India-based Tata Steel owns the UK’s largest steelworks of 3 million tonne per annum (MTPA) at Port Talbot in South Wales and employs around 8,000 people across all its operations in that country.

As part of its decarbonisation plan, the company is shifting to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing its end of life cycle.

Tata Steel aims to complete decarbonisation journey at its plant in the UK in next three years.