Tata Steel signs 1.25 billion deal with UK, Rishi Sunak calls it "a big day"text_fields
London: The United Kingdom and Tata Steel have jointly announced a significant investment package worth 1.25 billion pounds, with a government grant of 500 million pounds, for the country's largest steelworks in Wales.
This investment, described as one of the "largest" UK government support packages in history, aims to modernise production with state-of-the-art Electric Arc Furnace steelmaking and reduce Britain's entire carbon emissions by around 1.5%.
British Prime Minister Rishi Sunak expressed his enthusiasm for the development, calling it "a big day for UK steel."
He said, "We've agreed a joint 163;1 billion investment with Tata Steel to save thousands of British jobs and secure the future of the steel industry in Wales. This follows the 163;4 billion investment we secured from Tata Group in July to create 4,000 jobs."
UK Business and Trade Secretary Kemi Badenoch also highlighted the historic significance of the government's support package. She noted that it would protect skilled jobs in Wales, contribute to the growth of the UK economy, and ensure the success of the UK steel industry.
British Finance Minister Jeremy Hunt described the proposal as a "landmark moment" for maintaining ongoing UK steel production, supporting sustainable economic growth, reducing emissions, and creating green jobs. He emphasised the government's commitment to protecting the manufacturing industry.
Tata Group Chairman N Chandrasekaran regarded the agreement with the UK government as a "defining moment" for the future of the steel industry.
He expressed his pleasure at collaborating with the UK government and Prime Minister Rishi Sunak in developing a sustainable pathway for steelmaking in the UK.
The proposed investment is expected to preserve significant employment and foster the development of a green technology-based industrial ecosystem in South Wales.