It is anticipated that the government will announce hundreds of millions of pounds of assistance to assist Britain’s two largest steelmakers in going green. The UK chancellor, Jeremy Hunt, is likely to announce the funding for British Steel and Tata Steel UK.
Each is anticipated to receive grants totalling approximately 300 million pounds to assist with energy costs and pay for the transition away from coal-fired blast furnaces. Additionally, it will safeguard thousands of British manufacturing jobs.
The blast furnaces of the businesses are at the heart of the assistance provided. To smelt iron from ore-bearing rock, these processes make extensive use of treated coking coal. They produce a lot of carbon dioxide as a result, which contributes to global warming.
According to the Department for Business, Energy, and Industrial Strategy, it was collaborating closely with the steel industry to ensure what it calls a competitive and sustainable future. This comes as a result of British Steel made a request for grants for hundreds of millions of pounds to stop the closure of the company’s blast furnace in Scunthorpe, Lincolnshire.
However, people close to Tata Steel, the Indian company that runs the largest steel plant in the UK in Port Talbot, South Wales, said that 300 million pounds might not be enough to convince the company to make the significant investment that is required.
It is believed that internal company estimates estimate a cost of up to 3 billion pounds to switch the company’s Port Talbot works to producing emissions-free green steel.
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