The Labour government in the UK has cleared the decks for a £500 million grant to Tata Steel, paving the way for decarbonisation of the company’s British business and a sustainable financial future. In a statement, Tata Steel said that it has signed a £500 million Grant Funding Agreement (GFA) with the UK government, allowing it to “proceed at pace with the project to install a state-of-the-art electric arc furnace (EAF) at the Port Talbot steelworks in Wales”. This is part of the £1.25 billion green steel project in Port Talbot, of which Tata Steel’s investment is to the tune of £750 million.
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