According to a report, Tata Steel is likely to exit from its steel business in the United Kingdom soon, owing to alleged lack of government support, and Tata might soon exit from the market. According to people familiar with the matter, Tata Steel may exit the steel business in the United Kingdom as there is little hope of a 1.5 billion pound subsidy package for the proposed transition to green energy as given by the UK government.
The report adds that Tata Sons has mentioned funding is needed in order to replace carbon-intensive blast furnaces with electric arc furnaces. This will be done over the upcoming years to keep the plant properly operational.
Therefore, a person familiar with the matter said that Tata Steel was not keen on waiting endlessly for this confirmation from the government of United Kingdom. He added that, exciting businesses that are also supporting local communities have never been their group philosophy, it has to be supported and acknowledged by the UK government too.
All these developments come after repeated discussions of Tata Sons with the UK government, and they may be left with just one option of exiting the business. Currently, Tata Steel is looking for support for its UK business for two years.
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