9,062.36 TL BIST 100 BIST 100
31.18 $ USD USD
€33.71 EUR EUR
44.64 TL Interest Interest
83.62 $ Fossil Oil Fossil Oil
22.49 $ Silver Silver
3.85 $ Copper Copper
113.88 $ Iron Ore Iron Ore
394.00 $ Ship Dismantling Ship Dismantling
2,041.68 TL Gold (gr) Gold (gr)

UK to allocate £600 million to decarbonise steel industry

The UK government could allocate 600 million ($744 million) to support the country's two largest steel companies – British Steel and Tata Steel.

UK to allocate £600 million to decarbonise steel industry
Payments of around $372 million to each company are being debated in parliament. The proposal is backed by British Treasury secretary Jeremy Hunt.
The money identified is planned to be sent to finance activities to decarbonize production. The funds allocated should help companies replace blast furnaces with electric arcs, thereby reducing carbon emissions.
The country's largest steel mill, owned by Tata Steel Uk, in Port Talbot, Wales, accounts for 2% of the UK's carbon emissions and Wales' 15%.
British Steel is owned by China Jingye Group. It bought the bankrupt company in 2020, but in October 2022, the new British Steel management called on the British government to budget the business and thousands of jobs. The company now produces about 3 million tons of steel per year.
Tata Steel UK has informed UK authorities in need of financial assistance for the transition to 'green' metallurgy in 2022. On average, the company produces 3.6 million tons of steel per year, but the funds allocated may not be enough. Tata Steel's businesses will need about 3 billion or 10 times more to decarbonize, according to company analysts' estimates.


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

Ukrzaliznytsia is pledging to restart sales of scrap metal

Thursday, February 29, 2024

Decrease in CRC and HDG prices expected in Europe

Thursday, February 29, 2024

Indonesia and South Africa target increased thermal coal supplies to India

Thursday, February 29, 2024

European steel market this week!

Thursday, February 29, 2024

Taiwan's scrap imports surge in January

Thursday, February 29, 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