Tata Steel said that it has signed a ?500 million grant funding agreement with the UK Government allowing it to proceed at pace with the project to install an electric arc furnace at the Port Talbot steelworks in Wales.
Alongside its planned 750 million investment, Tata Steel has put its significant global engineering and project capabilities behind this project, which will benefit from an additional 500 million in UK Government Grant Funding.
The Tata Group company has already launched public consultation on specific activities and is working closely with the authorities to apply for planning approvals by November 2024, with a view to commencing large scale site work around July 2025. The EAF is expected to be operational within three years.
T V Narendran, chief executive officer and managing director, Tata Steel, said: With the UK governments critical support, this complex and ambitious transformation of Port Talbot has the potential to make the plant one of Europes premier centres for green steelmaking.
I would like to thank the UK Steel Committee and various departments of the UK and Welsh governments for their support in reaching this agreement. We now look forward to the efficient and speedy execution of the EAF project.
We will also continue our work with the Transition Board and the UK and Welsh governments to enable this project to be a catalyst for economic regeneration and job creation in South Wales.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.
The steel majors consolidated net profit surged 51.37% to Rs 959.61 crore in Q1 FY25 as against Rs 633.95 crore reported in Q1 FY24. Total revenue from operations fell 7.93% year on year (YoY) to Rs 54,771.39 crore in the quarter ended 30 June 2024.
The scrip added 2.43% to end at Rs 151.75 on the BSE.
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First Published: Sep 12 2024 | 5:50 PM IST
