UK government pumps $621mn into Tata Steel to decarbonise its Welsh site; 3,000 jobs at risk
Tata Steel
British government to provide Tata Steel with $621 million to decarbonise its Port Talbot steelworks in Wales. The UK government grant is one of the largest government support packages in history.
The deal is aimed at securing the future of the country's steel industry, butthe announcement also means that around 3,000 jobs are now at risk.
An official statement noted that the UK Government and Tata Steel agreed on a proposed joint investment package whichwill help modernise the production of greener steel and protect skilled jobs.
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The investment will be in a new Electric Arc Furnace for greener steel production at Port Talbot, which is the UK's largest single-carbon emitter.
According to the government, the existing coal-powered blast furnaces, which are nearing the end of their effective life, would be replaced. It would helpto reduce the UK's carbon emissions by around 1.5 per cent.
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Chancellor of the Exchequer Jeremy Hunt said, "This proposal is a landmark moment for maintaining ongoing UK steel production - supporting sustainable economic growth, cutting emissions, and creating green jobs. It is right that we are ready to step in to protect this world-class manufacturing industry and to support a green growth hub in South Wales."
As mentioned, some of the jobs are impacted by the government said that it would ensure a broad range of support for any staff who are affected by the transition, working with the "Welsh Government and Tata Steel to establish a dedicated transition board to support both affected employees and the local economy".
Business and Trade Secretary Kemi Badenoch said, "The UK Government is backing our steel sector, and this proposal will secure a sustainable future for Welsh steel and is expected to save thousands of jobs in the long term. This is a historic package of support from the UK Government and will not only protect skilled jobs in Wales but also grow the UK economy, boost growth and help ensure a successful UK steel industry."
According to Tata Group Chairman Natarajan Chandrasekaran, the agreement is a "defining moment" for the future of the steel industry. He said that the industrial value chain in the UK will also benefit.
"It has been an absolute pleasure to work with His Majesty’s Government and Prime Minister Rishi Sunak in developing the proposed transition pathway for the future of sustainable steelmaking in the UK," he said.
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