UK gov agrees to support Tata Steel’s investment
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 proposed investment will preserve significant employment and presents a great opportunity for the development of a green technology-based industrial ecosystem in South Wales. We look forward to working with our stakeholders on these proposals in a responsible manner," Tata Group Chairman N. Chandrasekaran said in a statement and called the agreement a 'defining moment' for the future of the steel industry in the UK.
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.
Read more on livemint.com
