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According to S&P Global, steelmakers Tata Steel and British Steel are still in discussions with the UK government on how to pay for their green transformation. The government is reportedly close to finalising an agreement with British Steel, according to sources in the British media.
Currently, Secretary of State for Business and Trade Cami Badenoch visited the company’s Teesside plant and headquarters in Scunthorpe. According to him, the company is committed to working with the government and needs to reach an agreement quickly to realise the announced goals.
British Steel, owned by China’s Jingye, is reportedly seeking up to £600 million ($753 million) in government support to implement its £1.25 billion decarbonisation plan. The company began negotiations with the British authorities over a year ago. The steelmaker has already received permission from local authorities to build electric arc furnaces.
British Steel has started preliminary talks with trade unions and promised to support employees affected by its decarbonisation plans. At the same time, Tata UK has already announced the timing of the closure of blast furnaces in Port Talbot. Trade unions are strongly opposed to this decision. Unite, the main trade union in the UK, has informed the company that it is likely to call an industrial action on May 30.
In 2023, UK steelmakers produced 5.62 million tonnes of steel. The steel industry is responsible for 14.2% of greenhouse gas emissions from the manufacturing industry and 2.4% of the country’s total greenhouse gas emissions.
British Steel announced a £1.25 billion decarbonisation plan in November last year. It involves the replacement of blast furnaces with two electric arc furnaces to be built at the production sites in Scunthorpe and Teesside. The new furnaces could be commissioned by the end of 2025.
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