Funding support of several hundred million pounds in taxpayers’ money to help Tata decarbonise its huge Port Talbot steelworks is close to sign off. The UK Government is poised to announce a huge financial grant to the Indian owners of the primary steel making plant that directly employs around 4,000 to move to a green steel model.
A similar funding package of around £300m is also expected to support the decarbonisation of British Steel’s Scunthorpe primary steel plant. The Lincoln steelworks is owned by Chinese firm Jingye.
Last year chairman of Tata Group, Natarajan Chandrasekaran, said action to close its UK operations would be taken in 12 months if a financial support package from the Westminster was not forthcoming. He said he was looking for £1.5bn in government support. Based on that an offer of £300m would fall significantly short of Tata's ask.
