Tata Steel signs £500 mn deal with UK for greener steelmaking

The UK government on Wednesday announced that it had signed off on an "improved" grant funding agreement with Tata Steel, worth GBP 500 million, to support the Indian steel major's green transition towards a state-of-the-art Electric Arc Furnace (EAF) at the Port Talbot steelworks in South Wales.

Business and Trade Secretary Jonathan Reynolds told the House of Commons that the Labour government had succeeded in going much further than the previous Tory government's pact, delivering a minimum voluntary redundancy payout of GBP 15,000 for full-time employees plus a GBP 5,000 "retention" payment. The pact also includes an offer of paidfor training to give workers a steady income and upskill them for the jobs of the future.