Port Talbot’s £1.25 Billion Electric Furnace Project Approved | OilPrice.com
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Breaking News:
- Tata Steel’s proposal to build a £1.25 billion electric furnace in Port Talbot has been approved by the local council.
- The new electric furnace will replace traditional blast furnaces, cutting on-site CO2 emissions by 90 percent and securing 5,000 jobs.
- The project is supported by a £500 million government subsidy and represents a major investment in the UK steel industry.
Proposals by Tata Steel to build a £1.25bn electric furnace in Port Talbot have been given the go-ahead by a local council.
Neath Port Talbot Council’s planning committee on Tuesday approved what amounts to one of the most significant investments made in the UK steel industry in decades.
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The electric furnace will replace two traditional blast furnaces that closed last year, coming into operation at the end of 2027.
It will preserve some 5,000 Tata Steel UK jobs and is supported by £500m in subsidy from the government.
“This is a major step forward in securing a bright, long-term future for steel in South Wales, following the improved deal for Port Talbot’s transition we agreed with Tata Steel and the next phase of our Plan for Steel – unveiled last week,” Business and Trade Secretary Jonathan Reynolds said in a statement.
Rajesh Nair, chief executive of Tata Steel UK, said: “We are very pleased to have secured approval to build sustainable steelmaking in Port Talbot.
“Amidst a challenging global market, this is a significant milestone for the project and we are committed to begin large-scale work on site this summer.”
“This £1.25bn investment is the most significant investment made in the UK steel industry in decades.
“The facility will secure high-quality steel production, preserve thousands of jobs and safeguard steel making in Port Talbot for generations to come.”
Tata Steel has previously set an ambition of producing net-zero steel by 2045. It claims the new electric furnace will cut on-site CO2 emissions by 90 per cent compared to the previous two blast furnaces.
By City AM
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