Tata Steel warns of uncertainty over UK business
Tata Steel is considering shutting down its UK operations if the government does not provide adequate funding support for the decarbonisation transition project.
The company had demanded a financial package of £1.5 billion from the UK government to support its decarbonization plans, which would include replacing blast furnaces with electric furnaces to lower carbon emissions.
However, the UK government had offered £300 million to Tata Steel early this year and the company has since been discussion with the government for higher support.
TV Narendran, Managing Director of Tata Steel, said that the next 12-24 months will be crucial for operations in the UK as the company is still in conversation with the government for higher support.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!