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Tata Steel threatens to shut shop in UK: Report Tata Steel UK

Tata Steel threatens to shut shop in UK: Report

India Blooms News Service | @indiablooms | 24 Jul 2022, 07:11 pm

UK's largest steel company, Tata Steel, has threatened to close operations unless the British government provides assistance of nearly 1.5 British pounds (around Rs 14,400 crore) within the next one year to help the company reduce its carbon emissions, the Financial Times (FT) reported.

"A transition to a greener steel plant is the intention that we have ...But this is only possible with financial help from the government," N Chandrasekran, chairman of Tata Sons, told FT.

"We have been in discussions over the last two years and we should come to an agreement within 12 months. Without this, we will have to look at closures of sites," he said.

The company has decided to take measures like closing two blast furnaces at the Port Talbot plant,  stopping primary steelmaking and building two elctric arc furnaces, people with the knowledge of the development said.

According to the FT report, Tata Steel's decarbonisation plan will cost 3 billion British pounds. Of this, it is seeking an aid of 1.5 billion British pounds from the UK government.

UK has vowed to achieve net zero greenhouse gas emmissions by 2050 and the country is trying to move to more sustainable steel manufacturing.

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