UK £500m bailout package for Tata Steel closes | Economy
The British government is close to reaching agreement on a £500m rescue package for Tata Steel. The company owns the largest steel mills in the UK.
That news channel reported sky Based on the sources. Tata Steel has long said that government support is needed to keep the blast furnace complex open.
The money should help Tata Steel maintain its Port Talbot plant in Wales and ensure its long-term existence. About 4,000 people work in this factory.
Tata Steel itself wants to launch £700m of investment over several years to reduce emissions at Port Talbot and make production processes more sustainable. It is possible that many factory jobs will disappear in the long term due to the need for fewer staff due to the shift to cleaner production processes.
The British steel plant used to fall under the same European division as Tata Steel Nederland, but the Dutch part with the steel plant at IJmuiden is now a stand-alone subsidiary within the Indian group.
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