Stock to Track: Tata Steel joins hands with UK government for £1.25 billion green steel project at Port Talbot

Tata Steel's deal with UK Government; share price history, bse, nse: Tata Steel on Wednesday (September 11, 2024) inked a deal with the UK government for a £1.25 billion green steel project in Port Talbot, the steel giant informed post market hours today.

Tata Steel said announced that it has signed a £500 million Grant Funding Agreement with the UK Government, allowing it to proceed at pace with the project to install a state-of-the-art electric arc furnace at the Port Talbot steelworks in Wales, the UK.

"Alongside its planned £750 million investment, Tata Steel has put its significant global engineering and project capabilities behind this project, which will benefit from an additional £500 million in UK

Government Grant Funding," Tata Steel said in a statement on Wednesday.

As the largest investment in the UK steel industry for decades, the £1.25 billion project will safeguard UK’s steel sovereignty, secure steel making in Port Talbot and preserve 5,000 jobs, the company said.

Basic engineering is now complete, and equipment orders will be placed shortly for the Electric Arc Furnace (EAF) and ladle metallurgy furnaces, a new coil box and crop shear for the hot strip mill, a cranes package, and for construction management and civil engineering.

Tata Steel share price history

The stock of Tata Steel ended the trading session on BSE on Wednesday lower by 0.87 per cent, or Rs 1.30, at Rs 148.15.

The stock has risen by 13.05 per cent in the 1-year time frame.