Tata Steel will invest 1.25 billion euros in Britain – Dainik Savera Times
Mumbai: Tata Steel and the UK government have signed an agreement to set up state-of-the-art electric arc furnace steelmaking at the Port Talbot site at a cost of 1.25 billion euros. The company said in a statement issued here today that the British government will provide a grant of 500 million euros for this plant. It said Tata Steel and the UK government have jointly agreed to propose the largest investment in the steel industry in decades. Tata Group Chairman N Chandrasekaran said “The agreement with the UK government is a defining moment for the future of the steel industry and indeed the industrial value chain. The proposed investment will preserve significant employment and present a major opportunity for the development of a green technology-based industrial ecosystem in South Wales.
TV Narendran, Chief Executive Officer and Managing Director, Tata Steel, said “Tata Steel UK faces significant challenges. The proposed project, one of the largest investments in the UK steel industry in recent decades, offers the opportunity for improved outcomes for all stakeholders. We will consult meaningfully with unions on the proposed transition path in the context of future risks and opportunities for Tata Steel UK. “With the support of the Government and the dedicated efforts of Tata Steel UK employees along with all stakeholders, we will work to transform Tata Steel UK into a green, modern future-ready business.”
The project will strengthen the UK’s steel security and mark the first major step towards decarbonisation of the local steel industry, reducing direct emissions by 50 million tonnes over a decade. As part of Tata Steel’s commitment to advance global research and innovation in materials science, the company today also announced an investment of approximately Euro 20 million over 4 years to establish two additional innovation centres.
