9,097.15 TL BIST 100 BIST 100
31.30 $ USD USD
€33.84 EUR EUR
45.26 TL Interest Interest
83.55 $ Fossil Oil Fossil Oil
23.12 $ Silver Silver
3.85 $ Copper Copper
113.89 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,100.60 TL Gold (gr) Gold (gr)

Tata Steel announces that a blast furnace may be closed

Tata Steel, which operates two blast furnaces in Port Talbot, has announced that it may close one of the furnaces if the government does not come up with long-term plans to support the industry by this summer.

Tata Steel announces that a blast furnace may be closed

The Indian company has informed ministers that it needs support by July to confirm a potential multi-billion pound investment in green steelmaking facilities in South Wales.

The steelmaker expressed concern about the current level of assistance and criticized the recent budget as a missed opportunity to demonstrate its commitment to the industry.

Officials are in talks with Tata Steel and British Steel, the only other firms operating blast furnaces in the UK, to provide £300m each to boost investment in green technology.

One of the Port Talbot furnaces will close in the next few years and Tata Steel must decide whether to extend its life, close it or replace it with an electric steelmaking plant.

Without new technology, permanent closure could lead to thousands of job losses and further damage to the UK's struggling industry.

Energy costs have long been a concern for industrial firms such as steelmakers and the government has pledged to cut such costs through a "Supercharger" scheme, although it will not be implemented for at least a year.

A Department for Business and Trade spokesman said: "We provide comprehensive support to our vitally important steel sector on energy costs, fair public procurement and protecting the sector from unfair trade."

"Our recently announced British Industry Supercharger enables steelmakers to align with other major global economies by reducing energy costs. And our recent reform of trade solutions has been welcomed by the whole sector, including UK Steel, which described them as "extremely important.""

"This proves that we are listening to what the UK steel industry needs to maintain stability and support employment across the country."


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Minister Hisarcıklıoğlu" We are the country which exports to the most countries in the world"

Wednesday, February 28, 2024

Steel production falls in China and iron ore demand weakens

Saturday, March 2, 2024

ASELSAN announced €82 million air defense system deal

Wednesday, February 28, 2024

New regulation for Canadian steel importers

Wednesday, February 28, 2024

Economic confidence decreased by 0.4% in February

Wednesday, February 28, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now