Tata Steel signs £500 million Grant Funding Agreement with UK Government for £1.25 billion green steel project

 

  • Tata Steel signs £500 million Grant Funding Agreement with UK Government for £1.25 billion green steel project   
  • Tata Steel announces 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 a state-of-the-art Electric Arc Furnace at the Port Talbot steelworks in Wales.  
  • As the largest investment in the UK steel industry for decades, the £1.25 billion project will safeguard UK’s steel sovereignty, secure steel making in Port Talbot and preserve 5,000 jobs.
  • The new assets will reduce the UK’s entire industrial carbon emissions by 8% (and Port Talbot’s by 90%) while setting a benchmark in circularity, utilising UK scrap. 
  • 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. 
  • Basic engineering is now complete, and equipment orders will be placed shortly for the Electric Arc Furnace (EAF) and ladle metallurgy furnaces, a new coil box and crop shear for the hot strip mill, a cranes package, and for construction management and civil engineering.
  • Tata Steel 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.  

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