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Shares of Tata Steel will be in focus on Tuesday morning after the Tata group firm post market hours of Monday said that it has been in active and detailed discussions with the UK government and other stakeholders in relation to the future of the UK business. It said discussions with the UK Government and other relevant stakeholders are ongoing.
This news came after a media report suggested the group was in talks with the UK government for securing 500 British pounds in stat-backed funding for its Port Talbot plant.
“We wish to state that Tata Steel Limited has in the past, through various communications, including its integrated report 2022-23 and at the financial results earnings call held on July 25, 2023, confirmed that Tata Steel has been in active and detailed discussions with the UK government and other stakeholders in relation to the future of the UK business” Tata Steel said.
The Tata group firm said given the ageing profile of Tata Steel UK’s legacy steelmaking assets, the UK’s decarbonisation journey and rising carbon costs, for the continuity of steel making in the long-term, it is necessary for Port Talbot to transition to low emission sustainable technologies.
Tata Steel has for this purpose sought support from the UK Government in two forms: In policy terms, encouraging the transition to low carbon sustainable technologies and ensuring a cost competitive landscape; and partnership in financing of the project given the size of investment and the financially constrained position of UK business.
“We wish to state that the discussions with the UK Government and other relevant stakeholders are ongoing. Further, we may inform that, at present there is no such information that requires a disclosure in terms of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015,” it said.
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