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UK Government financial package may help Tata Steel UK narrow losses, says report
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UK government's 500 million pound financial package to Tata Steel UK is expected to narrow the steel maker's losses on the back of lowered production and environmental compliance costs, according to CreditSights. Tata Steel's credit profile could remain resilient even amid lacklustre steel price dynamics, aided by strong captive iron ore resources, expectations of moderating coking coal input costs, and positive signs of a gradual turnaround of its loss-making European business, the Fitch Group company said in a statement on Wednesday.
The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker's Port Talbot plant in South Wales, UK.
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