UK Government to Offer 600-Million Pounds to Switch to Green Steel

Business News

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.

See also  ISRO and Hughes Launch India’s first HTS Broadband Service

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.



Writing is a medium to express feelings and convey facts. A creative mind never rests in peace and this amazing platform gives me the freedom to write about what I like most.

I’ve been a writer/blogger for the last twelve years and have covered technology-related topics. However, I also have considerable years of experience in writing for various domains – Technology, Beauty, Fashion, Pharmaceutical, human psychology etc. Technology is my forte.

I’ve handled many interesting projects. Writing is my passion. As an author, I’ve learned a lot in my long journey of penning down my thoughts!

See also  Brazilian Legend Pele Hospitalized Due to Health Concerns