UK support package for Tata Steel is in the works

EconomySeptember 2 23 at 15:58author: ap

The British government is close to agreeing a £500m rescue package for Tata Steel, which owns the UK’s largest steelworks. Sky News reported this based on sources.

Tata Steel has long said that government support is needed to keep the blast furnace complex open. The money should help Tata Steel maintain its Port Talbot plant in Wales and ensure its long-term existence. About 4,000 people work in this factory. Tata Steel itself wants to launch £700m of investment over several years to reduce emissions at Port Talbot and make production processes more sustainable.

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It is possible that many factory jobs will disappear in the long term due to the need for fewer staff due to the shift to cleaner production processes. The British steel plant used to fall under the same European division as Tata Steel Nederland, but the Dutch part with the steel plant at IJmuiden is now a stand-alone subsidiary within the Indian group.

The British government is close to agreeing a £500m rescue package for Tata Steel, which owns the UK’s largest steelworks. Sky News reported this based on sources. (Francisco Fernandez on Unsplash)
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