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The grant funding agreement with the UK government will let Tata Steel install a state-of-the-art electric arc furnace at Port Talbot steelworks in Wales.
The project will preserve the UK’s steel independence by securing steel making in Port Talbot and saving 5,000 jobs.
The new asset will reduce the UK’s entire industrial carbon emissions by 8% and those of Port Talbot by 90%.
The company said it will place orders shortly for the required equipment, which includes the electric arc furnace and for 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.
The company also said it has already launched a public consultation and is working closely with the authorities to apply for approvals by November to be able to commence large scale site work around July 2025.
The electric arc furnace is expected to be operational within three years.
Meanwhile, Moody’s Rating on Wednesday (August 28) said it has maintained a stable outlook on Tata Steel, expecting the domestic steel major to improve its earnings over the next two financial years.
In a report, Moody’s said it expects Tata Steel’s consolidated EBITDA to be around ₹290 billion in fiscal ending March 2025 and ₹380 billion in fiscal 2026, from ₹241 billion in 2023-24.
With inputs from agencies
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