Tata Steel shares will be in the spotlight on Tuesday morning after the Tata group company after market hours on Monday said it has been in active and detailed talks with the UK government and other stakeholders over relation to the future of UK business. He 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 to secure £500 in statistics-backed funding for its Port Talbot plant.
“We wish to state that Tata Steel Limited, through various communications in the past, including its 2022-23 Integrated Report and in the call for financial results held on July 25, 2023, confirmed that Tata Steel has been in active and detailed discussions with the UK government and other stakeholders regarding the future of the UK business,” Tata Steel said.
The Tata group firm said that, given the aging profile of Tata Steel UK’s legacy steelmaking assets, the UK’s decarbonisation process and rising carbon costs, for the continuity of long-term steelmaking. , it is necessary for Port Talbot to make a transition to a sustainable economy with low emissions. technologies.
For this purpose, Tata Steel has sought support from the UK government in two ways: in terms of policy, encouraging the transition to sustainable low-carbon technologies and ensuring a cost-competitive landscape; and partnership in the financing of the project, given the size of the investment and the limited financial position of the UK companies.
“We wish to state that discussions with the UK Government and other relevant stakeholders are ongoing. Furthermore, we can advise that, at present, there is no information that requires disclosure in terms of SEBI Regulation 30 (Listing Obligation and disclosure). Requirements) Regulation, 2015,” he said.
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