County Talbot Financial News

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Britain's new government is prioritising avoiding job losses in talks with Tata Steel over government backing for a transition to lower-carbon technologies, business minister Jonathan Reynolds said on Sunday. Tata, Britain's biggest steel producer, started closing one of its carbon-intensive blast furnaces on Thursday while the shutdown of its other one is slated for September, resulting in the loss of up to 2,800 jobs at Port Talbot in South Wales. The new government will need to sign the 500 million pound ($635 million) support package the previous government agreed with Tata Steel to help build a lower-carbon electric arc furnace, but unions are hoping for an improved deal with Tata, which could prevent some job losses.

Adani Ports and Special Economic Zone: Adani International Ports Holdings Pte Ltd (AIPH), a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.Cochin Shipyard: Udupi Cochin Shipyard, a subsidiary of Cochin Shipyard, has won an order from Ocean Sparkle Limited, an Indian tug operator under Adani Harbour Services, for the construction of three Azimuth Stern Drive (ASD) Tugs of 70 T bollard pull power.Deepak Nitrite: The company announced that its subsidiary, Deepak Chem Tech Ltd, will acquire a 100% stake in Narmada Thermal Power Private Ltd for a cash consideration of ₹61.65 crore. The acquisition is expected to be completed by June 30.Tata Steel: The company faces industrial action from around 1,500 employees based at Port Talbot and Newport Llanwern in Wales.

Tata Steel workers based at two plants in Wales voted in favour of industrial action on Thursday over the company's plan to close its blast furnaces and shed 2,800 jobs. The Mumbai-headquartered steel major said it was «disappointed» over the move while consultation continues and pointed to «significant irregularities» in the ballot process in favour of strikes. While the company says its restructuring plans were important to sustain the business as it transforms to new electric technology, Unite the Union said its workers from the Port Talbot and Newport Llanwern plants had voted against the «disastrous» plans because they did not agree with the approach. «We are naturally disappointed that while consultation continues, Unite Union members at Port Talbot and Llanwern have indicated that they would be prepared to take industrial action up to and including strike action if an agreement cannot be reached on a way forward for the business and its employees,» a Tata Steel spokesperson said.

Indian firm Tata Steel says it will close both blast furnaces at its plant in Port Talbot in Wales, eliminating 2,800 jobs

Tata Steel announced a revival plan for its UK unit, securing a £500 million grant from the Rishi Sunak government to help fund the transition of the Port Talbot plant to more sustainable technologies. The announcement marks the end of years-long negotiations between Tata Steel and multiple British governments. The grant will help the Port Talbot Steelworks, the largest steel plant in the UK, shift to electric arc furnaces. The project is estimated at £1.25 billion, with the rest of the capital expected to be put up by Tata Steel. The project will also involve Tata Steel's balance sheet being restructured with the potential elimination of the current cash losses in the UK operations and non-cash impairment of legacy investments, the company said. «The agreement with the UK government is a defining moment for the future of the steel industry and indeed the industrial value chain in the UK,» said Tata Sons chairman N Chandrasekaran.