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Tata Steel wins UK aid for Port Talbot
Mint Mumbai
|September 16, 2023
£500 mn to help electric shift; transition may erode some jobs
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Britain is to pump £500 million ($621 million) into the UK operations of Tata Steel to decarbonize its Welsh site, a deal that aims to secure the future of the country's steel industry but may put as many as 3,000 jobs at risk.
The £1.25 billion total funding package for Britain's biggest steel works includes £750 million from Tata to pay for the switch to producing steel from lower-emission electric arc furnaces from coal-powered methods. Tata Steel had long warned that without government help, it could close its sites and British business.
This story is from the September 16, 2023 edition of Mint Mumbai.
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