UK Govt To Pump 500mn Into Tata Steel But Says 3,000 Jobs At Risk
Sumaira FH Published September 15, 2023 | 06:27 PM
The UK government said Friday that it would provide 500 million ($621 million) to fund the production of "greener" steel at the country's biggest steelworks but that 3,000 jobs were still at risk
London, (UrduPoint / Pakistan Point News - 15th Sep, 2023 ) :The UK government said Friday that it would provide 500 million ($621 million) to fund the production of "greener" steel at the country's biggest steelworks but that 3,000 jobs were still at risk.
The Department for business and Trade said the money would help finance a new electric arc furnace at Tata Steel's Port Talbot plant in south Wales, safeguarding 5,000 of the more than 8,000 jobs.
Port Talbot steelworks is the UK's single biggest carbon emitter, and the government has been looking to help British Steel and Indian-owned Tata Steel to replace dirty blast furnaces.
The Mumbai-based conglomerate had threatened last July to shut the giant plant unless it received state aid to help decarbonise production and cut emissions.
Business and Trade Secretary Kemi Badenoch hailed the funding as a "historic package of support" that would protect jobs and the UK steel industry, as well as help boost economic growth.
She dismissed concerns about potential job losses, insisting on a visit to the plant: "We are saving jobs which would have been lost.
"Without this investment we would probably have seen the end of steelmaking certainly in this part of the country, possibly the whole of the UK."The �500 million is part of a �1.25 billion investment from Tata Steel, whose operation in Port Talbot also supports some 12,500 jobs in the supply chain.
Related Topics
Recent Stories
Mohammad Amir’s participation in T20I series against Ireland, England hangs in ..
Police arrest some lawyers after clash outside LHC
US wants basic human rights for Imran Khan, all other prisoners
Hajj season begins: Karachi Airport Set for Inaugural Flight
IHC orders Jail officials to shift Bushra Bibi to Adiala Jail from Bani Gala
Projects of worth $25b being implemented in Pakistan under CPEC framework: Ahsan
Saudi investors evince special interest in diverse fields
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 8 May 2024
Today Gold Rate in Pakistan 08 May 2024
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
More Stories From Business
-
Shipping activity at Port Qasim
18 minutes ago -
Gold rates dip by Rs 800 per tola to Rs 239,200
1 hour ago -
Germany's industrial output shows decline in March
2 hours ago -
Turkish stock exchange opens midweek up
3 hours ago -
Projects of worth $25b being implemented in Pakistan under CPEC framework: Ahsan
3 hours ago -
Chinese yuan weakens to 7.1016 against USD Wednesday
3 hours ago
-
Exchange rates for currency notes
5 hours ago -
Foreign exchange rates
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 8 May 2024
6 hours ago -
Today Gold Rate in Pakistan 08 May 2024
6 hours ago -
Delegation of international investors meets Finance Minister
15 hours ago -
ECC approves to enhance wheat procurement targets
15 hours ago