Tata Steel: Company’s big announcement for Port Talbot workers in UK, know complete details

Tata Steel CFO Kaushik Chatterjee says the company has proposed an additional financial assistance package of approximately £130 million for workers affected in the UK as part of its transition plan. To reduce carbon emissions and save energy costs, the company drafted a decarbonization plan for Tata Steel UK which includes installing new plant machinery with low emission technologies.

According to PTI, the company will phase out both high-emission blast furnaces and coke ovens in 2024 and will start manufacturing EAF (electric arc furnace) EAF-based steel at a cost of about 1.25 billion pounds with support of 500 million pounds from the UK government. Will shift to.

130 million pounds promised

The CFO said Tata Steel has pledged more than £130 million for a comprehensive support package for affected employees. This is in addition to the £100 million funding for the transition board set up by the company with the UK and Welsh Governments, to which the company has contributed GBP 20 million, he said.

Tata Steel CEO and MD TV Narendran said, “We have worked very hard over the last 15 years to support this (UK) business. But I think we have reached a phase where continuing as we did is no longer an option. This is a difficult situation for our employees. We have full sympathy with him.