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Tata Steel has proposed an additional financial support package' of roughly £130 million for affected workers as part of its UK transition strategy, according to the company's CFO, Koushik Chatterjee. The company created a decarbonisation plan for Tata Steel UK, including installing new plant machinery with low-emission technologies to cut energy expenses and reduce carbon emissions.
As a result, the company plans to phase out the high-emission blast furnaces and coke ovens in 2024 and transition to (electric arc furnace) EAF-brd steel production at approximately £1.25 billion, with the UK government providing £500 million.
"Tata Steel is acutely aware of the impact of its proposal to wind down the heavy end of Port Talbot on the individuals and on the local community associated with our steel works, and we will meaningfully consult with our employees and work to provide them a fair, dignified, and considerate outcome," he said.
Tata Steel proposes to commit over £130 million to a comprehensive support package for the affected employees, the CFO said. This is in addition to the £100 million funding for the Transition Board set up by the company along with the UK and the Welsh government, in which the company has contributed £20 million, he said.
Tata Steel UK will close its first blast furnace by mid-this year, and the second furnace is planned to be shut down in the second half of 2024, he said. The transition to EAF-brd steel-making will save 50 million tons of CO2 emissions over a decade, Narendran said.
India-headquartered Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. In September 2023, Tata Steel and the UK government agreed on a joint investment plan of 1.25 billion pounds to execute decarbonisation plans at the Port Talbot steel-making facility in Britain.
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