Key Points
India steel major Tata Steel has signed the deal with the UK government for the green steel project in Port Talbot..
"The new and improved deal goes much further than the previous governments agreement delivering a minimum voluntary redundancy payout of 15,000 for full-time employees plus a 5000 retention payment and offering paid-for training to give workers a steady income and upskill them for the jobs of the future," UK business secretary Jonathan Reynolds in a separate announcement...
Last year, Tata Steel agreed on a restructuring plan that involves the replacement of blast furnaces at its Port Talbot unit with electric furnaces to utilize recycled steel, in a move to decrease carbon emissions..
Tata Steel has stated its commitment to providing a substantial support package to departing employees, along with a comprehensive voluntary redundancy process featuring options for re-skilling or alternate employment opportunities...
Recent announcements from Tata Steel revealed the impending closure of the two remaining blast furnaces as part of plans to shift production to a new electric furnace..
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Tata Steel to consider additional investment in UK plant, if more govt funding available: Narendran
01, Feb, 24London, Jan 31 (PTI) Tata Steel would consider additional future investments in its Port Talbot plant in the UK, if more government funding was made available, the company’s Chief executive T V Narendran said on Wednesday. The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which […]