A big deal has been signed between the Indian company Tata Steel and the British government. UK PM Rishi Sunak has announced an investment package of £1.25 billion under this deal. This deal has been done to convert coal-based steel manufacturing at the Port Talbot plant to low-emission electric arc furnace.
UK Prime Minister Rishi Sunak said that this deal will save thousands of British jobs and secure the future of the steel industry in Wales. Today is a big day for UK Steel, he said, adding that it has agreed a £1 billion investment with Tata Steel.
Production will increase with jobs
UK PM said that this deal will not only save jobs but will also modernize production. Besides, this will also boost the economy. It is worth noting that the UK economy ranks 8th in the world and is continuously trying to move forward in the manufacturing sector.
Historic moment for Britain?
UK Finance Minister Jeremy Hunt said this £1.25 billion joint investment with Tata Steel UK is a historic moment for our manufacturing sector.
What was the agreement between the two
As per the terms of the deal, while the UK government will provide a grant of up to £500 million, Tata Steel will invest approximately £700 million from its internal resources in the steel manufacturing facility to be built in Port Talbot over the next four years. The company is planning to set up a 3 million tonne EAF at Talbot.
It is noteworthy that Port Talbot Steelworks is the UK’s largest carbon emitter and the government is considering replacing the dirty blast furnace.
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