This is the largest investment ever in the UK steel industry.
New Delhi: The Tata Group is in the news yet again and for a very positive, encouraging reason. Tata Steel has announced that the British government is going to invest a fund of Rs 5,480 crore for the green steel project to be built in Port Talbot, Wales, United Kingdom.
UK steel industry’s record broken
Tata Steel has announced the launch of a green steel project at Port Talbot in Wales, United Kingdom, at a cost of 1.25 billion pounds. A grant of 500 million pounds i.e. Rs 5,480 crore has been received from the British government for this project.
This is the largest investment ever in the UK steel industry, with the aim of making steel production more environmentally friendly and cutting industrial carbon emissions by 8%.
5000 jobs will be saved
This project will save 5000 jobs in Port Talbot.
Tata Steel aims to make this plant operational by 2025, which will not only increase Britain’s steel production capacity but will also help in regional economic revitalization and job creation.
Tata Steel CEO TV Narendran said that this plant can become one of the most prominent steel manufacturing centers in Europe.
The target
Tata Steel has announced that it has started public consultation and is working closely with the authorities to obtain all approvals by December 2024. The company said that large-scale work will start at the site by July 2025 and the steel plant will be made operational in the next three years.
TV Narendran described this project as vital for the economic regeneration of South Wales and employment generation.