After England, now Tata Steel wants financial assistance in Netherlands, know why the company needs so much money
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Tata Group Recently, British Prime Minister Rishi Sunak had announced a grant of Rs 5,150 crore for steel company Tata Steel. This money is to be given to the company to reduce carbon emissions. Now, Tata Steel wants financial assistance from the Netherlands government for its plan to decarbonize its operations. It is understood that if Tata Steel gets financial help from the government there, then it will be seen as a big help to the company. Tata Steel created Tata Steel-UK and Tata Steel-Netherlands as two independent companies from Tata Steel-Europe in October 2021. Tata Steel Chief Executive Officer (CEO) and Managing Director TV Narendran said that in the Netherlands we will soon submit a detailed ‘decarbonization’ proposal to the government there for regulatory and financial assistance. Tata Steel-Netherlands is working intensively on ways to decarbonize its operations by taking into account emissions and health standards. Tata Steel said in the statement that both the parties will discuss the detailed terms of this project.
Tata Steel Netherlands is a plant with 70 lakh tonne annual capacity.
In a statement issued by Tata Steel, it has been said that the board of directors of the company will consider approving this project at the appropriate time. The company has not provided further details on its plans to carbon-free its operations in the Netherlands. In the Netherlands, the company has a plant with a capacity of 7 million tonnes per annum in Imuden. The company aims to produce CO2-neutral steel in Europe by 2050. Earlier on September 15, Tata Steel and the UK government have agreed to a joint investment of 1.25 billion pounds for the decarbonization plans of the company’s Port Talbot steel plant.
UK government contributes $500 million to Britain’s plan
Tata Steel said that out of this 1.25 billion pounds, 500 million dollars will be contributed by the British government. At present a large number of employees are working in the company. Along with this, the company also has many good work orders. At the same time, Tata Steel and the British Government have jointly signed a deal to set up a high-tech electric arc furnace steel plant at the Port Talbot site with an investment of 1.25 billion pounds. For this, the British government has given a grant of about 50 crore pounds to the company.
What is the history of Netherlands Steel?
This steel plan was established in 1918. The property was sold by Corus Group in 2007. It was bought by Tata Steel of India. In 2010 its name was changed to Tata Steel Europe. In 2021, the company split into a British (Tata Steel UK) and a Dutch (Tata Steel Netherlands) arm, directly under Indian parent Tata Steel, and Tata Steel Europe ceased to exist.
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