Tata Metal stated on Friday that it will likely be shutting down the 2 blast furnaces in its plant within the UK by the top of this 12 months, which might consequence within the lack of as much as 2,800 jobs on the firm’s Port Talbot steelworks in Wales.
The corporate is switching to decrease carbon electrical arc furnaces on the plant for which it has been prolonged monetary help to the tune of 500 million kilos by the federal government.
The corporate stated it is going to start statutory session as a part of its plan to rework and restructure its UK enterprise.
This plan is meant to reverse greater than a decade of losses and transition from the legacy blast furnaces to a extra sustainable, inexperienced metal enterprise.
“Port Talbot’s two high-emission blast furnaces and coke ovens would shut in a phased method with the primary blast furnace closing round mid-2024 and the remaining heavy finish belongings would wind down through the second half of 2024,” Tata Metal stated in an alternate submitting.
The plan additionally features a wider restructuring of different places and capabilities throughout the corporate, together with the meant closure of the Steady Annealing Processing Line (CAPL) in March 2025.
“The course we’re placing ahead is tough, however we consider it’s the proper one. We should remodel at tempo to construct a sustainable enterprise within the UK for the long-term,” Tata Metal Chief Govt TV Narendran stated.
