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Tata Steel has confirmed its intention to proceed with its £1.25 billion investment in Port Talbot to create a cutting-edge Electric Arc Furnace for steel production in conjunction with the UK government. Additionally, it disclosed that, in line with its January 19 announcement, it will shut down its two current blast furnaces, Nos. 4 and 5, by the end of June and September, respectively.
Tata Steel CEO T V Narendran referred to this as the "most viable" option, stating that the company's approach, in contrast to the unions' "unaffordable plan," assures a long-term future for the business and protects the majority of jobs in the UK.
Tata Steel expects to order equipment for the electric arc furnace by September 2024 and, based on the current permit timelines, start construction on the project by August 2025. In addition, Tata Steel UK has accepted an updated and revised connection offer from National Grid, the UK's power infrastructure provider.
The company has also said that it will finalise the necessary paperwork in the next few days to ensure that it will have the necessary power infrastructure to commission the electric arc furnace on time by the end of 2027. Tata Steel has also said that following the closure of Blast Furnace No.4, the remaining heavy-end assets will wind down, and the Continuous Annealing Processing Line will close in March 2025.
Moreover, Tata Steel UK will also support around 2,800 affected employees. This includes helping them with job searches, supporting facilities for training & upskilling activities, and finance for small and medium-sized businesses through the UK Steel Enterprise regeneration and job creation scheme. The company has also committed a one-time £20 million to the Transition Board (out of its total £100 million).
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