Tata Steel affirms its commitment to Port Talbot restructuring operations regardless of upcoming UK general election outcome
Views : 76
Update time : 2024-06-13 15:43:44
Tata Steel has reiterated its commitment to restructuring the Port Talbot steelworks, warning that the long-term future of the site would be at "significant risk" if the next UK government forces a U-turn on closing its remaining blast furnaces.
The company plans to transition from traditional steelmaking to electric arc furnace technology, resulting in the loss of nearly 2,800 jobs. This £1.25 billion investment, including £500m in government support, aims to replace labor-intensive blast furnaces with cleaner alternatives by September.
Despite the Labour Party's hopes to reverse these plans if elected, Tata Steel insists on proceeding with the decommissioning, citing unsustainable financial losses and the operational instability of current facilities. The company emphasizes the need to adhere to the agreed support package to ensure the site's viability and the future of steelmaking in South Wales.
Unions have criticized Tata's stance, urging the company to consider alternatives and delay irreversible decisions until after the general election.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
