Tata Steel still accelerates UK decarbonization plans even with trade unions voting to strike
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Update time : 2024-06-04 16:03:12
Tata Steel is accelerating its decarbonization efforts in Britain, CEO T.V. Narendran announced, despite trade unions voting to strike over job cuts. The company aims to speed up the construction of a new electric arc furnace, with plans to close two blast furnaces at its Port Talbot steelworks in Wales, resulting in up to 2,800 job losses. The union has not yet set a strike date but is demanding better terms for the workforce.
Narendran also highlighted concerns about rising Chinese steel exports to India, which doubled to 2.7 million metric tons in 2023-24. Despite this, India’s robust steel demand, projected to grow 8-10% in 2024-25, remains strong. Tata Steel plans to add 1.4 million metric tons of production capacity and invest 170 billion rupees in 2024-25.
