September 14, 2023
1 min read

Tata Steel, UK govt close to finalising £500 mn deal  

This impending agreement between the government and Tata Steel is poised to ensure the continuity of operations at the United Kingdom’s largest steelworks…reports Asian Lite News

Tata Steel is in advanced stages of negotiations with the UK government to secure approximately 500 million pounds in government-backed funding, aimed at safeguarding the future of its Port Talbot facility in South Wales.

This impending agreement between the government and Tata Steel is poised to ensure the continuity of operations at the United Kingdom’s largest steelworks.

Sources have informed Sky News that Whitehall officials are engaged in preliminary discussions regarding a financial support package. This package aims to provide assistance to Tata Steel employees who may face redundancy as the Port Talbot plant undergoes a transformation from conventional blast furnace operations to environment-friendly steel production.

According to the news report, both the government and the India-based company are optimistic about finalising the deal as early as the end of this week, though they acknowledge that the timeline could still see adjustments.

Under the terms of the agreement, Tata Steel will receive financial aid amounting to approximately 500 million pounds, with the company itself expected to allocate around 700 million pounds for modernising the Port Talbot plant.

During the earlier stages of negotiations, Tata Steel had sought a more substantial sum from British taxpayers.

Port Talbot currently employs about 4,000 individuals, constituting roughly half of Tata Steel’s entire UK workforce. The company has indicated that, even with government financial support, as many as 3,000 of its UK-based employees could face job losses.

The agreement with the government includes a commitment from Tata Steel to construct electric arc furnaces, which employ less labour-intensive processes for steel production compared to traditional blast furnaces.

ALSO READ-UK govt in advanced talks over £500m Tata Steel aid package

Previous Story

Arab Nations Unite in Aid for Libya, Morocco

Next Story

UK Parliament adopts Northern Ireland Troubles ‘legacy’ bill

Latest from -Top News

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports
Go toTop

Don't Miss

Massive strikes to hit UK during Christmas

The Communication Workers Union (CWU) also said there would be

UK moves India from ‘red’ to ‘amber’ list

The change, announced by the Department for Transport, comes into