Tata Steel recently informed exchanges that the company has secured a £500 million Grant Funding Agreement with the UK Government, allowing it to carry on with the project to establish a cutting-edge Electric Arc Furnace at the Port Talbot steelworks in Wales.
The new assets will lower the UK’s overall industrial carbon emissions by 8% (and Port Talbot’s by 90%) while creating a circularity benchmark by utilising UK waste. In addition to its planned £750 million investment, Tata Steel has put its enormous global engineering and project capabilities behind this project, which will benefit from an additional £500 million in UK government grant funding.
According to the company, basic engineering has been completed and equipment orders are expected to be placed soon 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.
