India's Tata Steel plans to close blast furnaces at UK plant
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Update time : 2023-11-02 17:06:51
India's Tata Steel announced the closure of blast furnaces at its UK plant in Port Talbot and the layoff of 3,000 workers.
The company reached an agreement with the UK government earlier this year to provide £500 million of funding to install an electric arc furnace at the site.
The construction of the electric arc furnace is expected to be completed within three years. During the construction period, it will continue to import steel for its downstream units in the interim.
Tata's UK plant has been struggling to make profits in the face of competition from Asian imports. Coupled with the current slowdown in the market economy, major steel mills are facing sluggish demand for metals.
