‘Tata Steel suggests extra £130 mn support package for Port Talbot workers’

New Delhi: Tata Steel has proposed an additional financial ‘support package’ of around £130 million for the workers who would be affected as part of its transition plan in the UK, the company’s CFO Koushik Chatterjee said.

To reduce carbon emissions and save energy costs, the company drafted a decarbonisation plan for Tata Steel UK which includes installing new plant machinery with low-emission technologies.

The company would close both the high-emission blast furnaces and coke ovens in a phased manner in 2024 and shift to an (electric arc furnace) EAF-based steel making at a cost of about £1.25 billion, with £500 million support from the UK govt, Chatterjee said.

“Tata Steel is acutely aware of the impact of its proposal to wind down the heavy end of Port Talbot on the individuals and on the local community associated with our steel works, and we will meaningfully consult with our employees and work to provide them a fair, dignified, and considerate outcome,” he said.

Tata Steel proposes to commit in excess of £130 million to a comprehensive support package for the affected employees, the CFO said.