The British government is close to reaching an agreement on a support package of 500 million pounds, equivalent to 584 million euros, for Tata Steel, which owns Britain’s largest steel plant. Sky news channel reported this based on sources.
Tata Steel has long said that government support is needed to keep the blast furnace complex open. The funds will help Tata Steel to green its plant at Port Talbot in Wales and ensure its long-term existence. About 4,000 people work at the factory. Tata Steel itself wants to invest £700 million over several years to reduce emissions at Port Talbot and make production processes more sustainable.
Subsidiary
It is possible that many jobs will be lost in factories in the long term because fewer employees are needed due to the shift to cleaner production processes. The UK steel mill was previously under the same European division as the Netherlands’ Tata Steel, but the Dutch arm with the steel mill in IJmuiden is now a stand-alone subsidiary within the Indian group.
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