The United Kingdom and Tata Steel on Friday announced a joint investment package worth 1.25 billion pounds. It included a British government grant of 500 million pounds, for the country’s largest steelworks in Wales.
This is reported to be one of the “largest” British government support packages in history. This deal with Tata Steel will boost the steel industry in Britain.
British Prime Minister Rishi Sunak termed it as “a big day for UK steel”.
“We’ve agreed a joint 163;1 billion investment with Tata Steel to save thousands of British jobs and secure the future of the steel industry in Wales. This follows the 163;4 billion investment we secured from Tata Group in July to create 4,000 jobs,” Mr Sunak posted on X.
Tata Group Chairman N Chandrasekaran said that the agreement with the UK government is a “defining moment” for the future of the steel industry.