Tata Steel today said that the UK government has agreed to support their planned investment of 1.2 billion pounds to improve infrastructure at the plant in Port Talbot.
In a media statement issued on Friday, the company is expected to receive a grant from the UK government of up to 500 million pounds. The partnership is aimed to develop ecologically sustainable steel production and will be the largest investment proposal received by the UK steel industry in several decades.
The development comes at a time when heavy industries worldwide are moving towards ecologically sustainable projects with reduced carbon emissions, and green energy takes centre stage.
The development is expected to revive Tata Steel’s business in the UK, which has been facing significant challenges. “Tata Steel UK has been facing significant challenges due to the heavy-end facilities approaching their end of life. The proposed project, with one of the largest investments in the UK Steel Industry in recent decades, provides an opportunity for an optimal outcome for all stakeholders,” said T. V. Narendran, chief executive officer of Tata Steel.
In the press statement, Tata Steel reiterated that it would undertake meaningful consultations with employee unions on the proposed transition.
“With the support of the UK Government and dedicated efforts of the employees of Tata Steel UK, along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business,” Narendran added.
