Tata Steel's Port Talbot furnace plan gets council approval

Tata Steel announced that Neath Port Talbot Council has approved its plans to construct an Electric Arc Furnace at its Port Talbot site. The £1.25 billion investment, supported by £500 million in UK Government funding, aims to secure high-quality steel production while reducing on-site CO2 emissions by 90%. The project is expected to preserve 5,000 jobs. Construction is slated to begin in the summer of 2025, with operations commencing by the end of 2027. The Electric Arc Furnace will use electricity to melt scrap steel. TATASTEEL shares are listed on the Bombay Stock Exchange.