The latest offer from the UK government to aid decarbonisation efforts of steelmakers is not enough and Tata Steel remains in discussions with them, the steel maker said.
In an interview with Moneycontrol on February 7, TV Narendran, chief executive officer and managing director of Tata Steel said: “We have given them (UK government) a proposal. They got back with a counterproposal. So, let's see where it ends. So, we are in discussion.”
According to foreign media reports, the UK government made a 600-million-pound package proposal for incentivizing green steel for two steel-making companies that operate in the country. Tata Steel is one of the two companies, which operates a steel plant in Port Talbot in South Wales.
ALSO READ: Tata Steel shows a surprise dive into the red with Rs 2,224-cr loss in Q3
On whether the quoted 600-million-pound package is enough, Narendran said, “Well, it's obviously less than what we've asked for. So, we are in a conversation with the government to see what can be done because we feel that the steel industry should be a very important part of the transition plan for the UK government.”
Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.
When asked if Tata Steel is optimistic of a more favourable package, Narendran added, “Well, we've been pursuing with the government for the last three years and we're glad that there's some progress being made now.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
