Tata Steel and the UK Government have signed a joint agreement on a proposal to invest in electric arc furnace steelmaking at the Port Talbot site in South Wales.
The £1.25bn capital cost includes a UK Government grant of up to £500m, subject to relevant regulatory approvals, information and consultation processes.
The deal has been hailed as a major development in UK industrial decarbonisation, potentially reducing direct emissions by 50m tonnes over a decade, although unions claim it will cost up to 3,000 jobs.
N Chandrasekaran, Tata Group Chairman, said: “The agreement with the UK Government is a defining moment for the future of the steel industry and indeed the industrial value chain in the UK. It has been an absolute pleasure to work with the HM Government and the Prime Minister Rt Hon Rishi Sunak in developing the proposed transition pathway for the future of sustainable steelmaking in the UK.
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