Brief by Shorts91 Newsdesk / 06:21pm on 29 Jan 2024,Monday India Global
Tata Steel reveals £160m losses in the last three months, averaging £1.7m per day. The company, addressing speculation, emphasizes the accuracy of its audited accounts. Unions and Tata Steel will discuss plans to cut 2,800 jobs, while executives face MP scrutiny. The Port Talbot steelworks, set for restructuring, will witness blast furnace closures by 2024, making way for a greener electric arc furnace. Tata Steel asserts openness to further investment in Port Talbot but expects no government cover for losses. Plans include a £750m electric arc furnace, with potential support from a £500m UK government subsidy.
