Tata Steel is investing significant sums in the UK’s beleaguered Port Talbot steel plant. It will build a new Electric Arc Furnace (EAF), but at the same time will be closing two blast furnaces before the end of this year.
“We will proceed with [the] proposal to shut down heavy-end assets this year, and set up EAF by 2027. This is a difficult period of change for our people... With respect to EAF, we will place equipment orders by September 2024 and have signed the agreement with UK National Grid securing high voltage connection, which will be available on schedule. We have as part of discussions with the unions, offered the best ever package of support for affected employees in Tata Steel UK. We have agreed to final terms of proposed grant package with the UK government to support the £1.25 billion investment,” said Tata Steel’s management.