According to Tata Steel, the aid will cover about 40% the expected GBP1.25 billion investment, which will convert the integrated facility over to electric steelmaking.
“Tata Steel UK has been facing significant challenges due to the heavy end facilities approaching their end of life. The proposed project, with one of the largest investments in the U.K. steel industry in recent decades, provides an opportunity for an optimal outcome for all stakeholders,” said Tata Steel chief executive officer and managing director T V Narendran.
“With the support of the U.K. government and dedicated efforts of the employees of Tata Steel UK along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business.”
The proposed investment would reduce the facility’s carbon emissions by around 5 million metric tons annually, according to Tata Steel.
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