The Labour government in the UK has cleared the decks for a £500 million grant to Tata Steel, paving the way for decarbonisation of the company's British business and a sustainable financial future.
In a statement, Tata Steel said that it has signed a £500 million Grant Funding Agreement (GFA) with the UK government, allowing it to "proceed at pace with the project to install a state-of-the-art electric arc furnace (EAF) at the Port Talbot steelworks in Wales". This is part of the £1.25 billion green steel project in Port Talbot, of which Tata Steel's investment is to the tune of £750 million.
Describing it as a "new and improved deal", Business and Trade Secretary Jonathan Reynolds stated the contours of the agreement in the House of Commons on Wednesday. The deal was agreed on Tuesday in a meeting between UK Prime Minister Keir Starmer, Business and Trade Secretary Jonathan Reynolds, Chancellor Rachel Reeves and Tata group chairman, Natarajan Chandrasekaran.
Reynolds said that the deal does what previous deals failed to do give hope for the future of steelmaking in South Wales.
この記事は Business Standard の September 12, 2024 版に掲載されています。
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この記事は Business Standard の September 12, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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