Tata Steel signs £500M grant agreement with UK government for Port Talbot electric arc furnace

Tata Steel UK/Port Talbot electric arc furnace

Tata Steel and the UK government signed a £500M grant agreement for a £1.25B electric arc furnace at Port Talbot, with Tata funding the other £750M. The company said the switch would cut Port Talbot's carbon emissions by about 90% and the UK's industrial emissions by about 8%. The furnace was expected to run about three years later.

• Total project £1.25B: £500M grant plus £750M from Tata Steel.
• About 5,000 jobs safeguarded, per Tata.
• Planning application targeted for November 2024; large-scale site work from July 2025.
• Blast furnace 4 and heavy-end operations to close at end of September 2024.