The British government is close to reaching an agreement on a support package of 500 million pounds, equivalent to 584 million euros, for Tata Steel. The company owns the largest steelworks in the United Kingdom.
The news channel reported this. Darling based on sources. Tata Steel has long said government support is needed to keep the blast furnace complex open.
The money should help Tata Steel green its factory in Port Talbot, Wales, and ensure its long-term existence. About 4,000 people work in that factory.
Tata Steel itself would like to release £700 million of investment over several years to reduce emissions at Port Talbot and make production processes more sustainable. Many factory jobs may disappear in the long term because fewer employees are needed due to the transition to cleaner production processes.
The British steelmaker previously belonged to the same European division as Tata Steel Netherlands, but the Dutch part with the steel factory in IJmuiden is now an independent subsidiary within the Indian group.
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