Tata Steel seeks financial aid for Netherlands unit – ET Infra

After securing a funding in the UK, Tata Steel is looking for a financial aid from the Netherlands government to execute its decarbonization plans. In October 2021, Tata Steel completed the process of separating Tata Steel UK and Tata Steel Netherlands as two independent companies from Tata Steel Europe.

“In Netherlands, we will shortly be submitting the detailed decarbonization proposal to the Dutch government seeking regulatory and financial support,” Tata Steel CEO & MD TV Narendran said.

Tata Steel Netherlands has been working intensely with Government of Netherlands on the contours of the decarbonization project covering emission and health standards.

The detailed decarbonization proposal will shortly be submitted to Government of Netherlands seeking regulatory and financial support which is critical for the company’s Dutch operations.

Both parties will then discuss the detailed conditions of the project, a Tata Steel statement said.

The board of Tata Steel will duly consider the project for approval at an appropriate time, it said.

The company did not elaborate on the decarbonization plans it looks to undertake in the Netherlands.

In the Netherlands, the company has a 7 million tonne per annum (MTPA) plant in IJmuiden. The company’s goal is to produce CO2-neutral steel by 2050 in Europe.

On September 15, Tata Steel and the UK government agreed on a joint investment plan of 1.25 billion pounds to execute decarbonization plans at Port Talbot steel making facility in Britain under which it will install new plant machinery with low emission technologies.

Of the 1.25 billion pounds, the UK government’s contribution would be of up to 500 million pounds, Tata Steel said.

India-headquartered Tata Steel owns the UK’s largest steelwork of 5 MTPA at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country.

  • Published On Nov 6, 2023 at 10:27 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Open chat
How May I Help You.
Scan the code
Vishwakarma Guru Construction
Hello Sir/Ma'am, Please Share Your Query.
Call Support: 8002220666
Email: Info@vishwakarmaguru.com