Brief by Shorts91 Newsdesk / 11:01am on 15 Sep 2023,Friday Business
The UK government has agreed to provide up to £500 million in funding to Tata Steel's Port Talbot steelworks, the country's largest, enabling it to transition to greener steel production. Tata will invest £700 million additionally as it installs new electric arc furnaces to cut emissions, though it had sought more funding from the government. While securing the plant's future, the move could cause about 3000 job losses across the UK. The new furnaces are expected to be operational in 3 years after regulatory approvals, reducing the site's carbon emissions by 85%. Unions have warned the less labor-intensive furnaces will require job cuts. Though late, the investment was welcomed for securing Port Talbot's future, but concerns remain over inadequate consultation regarding potential job losses. (Image courtesy: Tata Steel Europe)
