2023-09-15 23:05:00
London: Britain to pour 500 million pounds ($621 million) into Tata Steel UK. It is part of a wider plan to decarbonise Welsh steelmaking sites and secure the future of the country’s steel industry.
The British government has a total package of 1.25 billion pounds. The government aims to change from coal-fired furnaces to modern electric furnaces with low pollution rates. Britain describes the deal with Tata as one of the largest government-backed packages in history. The government claims that 5,000 jobs can be saved through the deal.
Tata Steel currently employs over 8,000 people. The potential for 3,000 redundancies is estimated as low-carbon electric furnaces require less manpower. Indian-owned Tata Steel UK has said it will have to close its UK sites if it does not get government help. It has been warned for a long time. Meanwhile, the huge package.
“The UK Government is supporting the steel sector. This package will ensure a sustainable future for Welsh steel and save thousands of jobs in the long term,” British Trade and Industry Minister Chemie Badenoch said. A strong domestic steelmaking industry is critical to Britain’s security. It is essential for building warships and warplanes, as well as for the automotive, transport and construction sectors.
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