January 21, 2024
1 min read

Tata Steel to shut two loss-making UK units

The unions had pitched the idea to keep the blast furnaces working during the transition period, till 2032, The Guardian reported separately...reports Asian Lite News

Tata Steel will reportedly be shutting down its blast furnaces in Port Talbot Steelworks in Wales, United Kingdom, a move that may affect 3,000 jobs, BBC reported citing trade union officials. The company is expected to announce on January 18 whether it is planning to go ahead with the decision.

The decision was made after Tata executives met with the trade unions at the Taj Hotel in London earlier in the day. Tata Steel reportedly rejected a plan formulated by the trade union to keep its blast furnaces running while it made a gradual shift to an electric arc furnace to produce greener steel products to reduce carbon emissions.

The unions had pitched the idea to keep the blast furnaces working during the transition period, till 2032, The Guardian reported separately. In September last year, the UK government had announced a joint investment package with Tata Steel worth £1.25 billion, comprising a massive grant aimed at securing operations at the Port Talbot furnaces. Notably, the UK vertical of Tata Steel has proven to be a loss maker for the past few quarters now. The steelmaker reported a loss of Rs 6,511 crore in the July-September quarter of FY23-24 due to a massive impairment charge it paid, which ran in thousands of crores of rupees, in connection with the Port Talbot units. Tata Steel to shut Port Talbot blast furnaces in UK, about 2,800 jobs at risk  Tata Steel to shut Port Talbot blast furnaces in UK, about 2,800 jobs at risk If the Port Talbot furnaces are shut down, the one at Scunthorpe will remain the only blast furnace in the country. However, media reports suggest that it is also staring at a similar fate, and if this speculation holds, the UK will become the only G20 country that cannot produce steel from raw materials.

ALSO READ-Tata Unveils Chip Plant Plans

Previous Story

UK, US To Step Up Fight Against Houthis

Next Story

Prince William may ditch Church of England role

Latest from -Top News

70 Killed in Gaza Strikes

Gaza City, which has been at the heart of Israel’s military campaign, saw the highest number of casualties….reports Asian Lite News At least 70 Palestinians, including seven children aged between two months

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has
Go toTop

Don't Miss

Navaratri celebrations begin with fervour in Britain

The Leicester violence was a shock for multicultural Britain, which

UK-INDIA TIES: A New Era of Global Partnership

The India–UK Free Trade Agreement stands as a defining milestone—an