Tata Steel signs contract with Tenova for electric arc furnace at Port Talbot plant
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 18 2024
0mins
Source: Reuters
Tata Steel's New Initiative: Tata Steel has signed a contract with Italy's Tenova to install an electric arc furnace at its Port Talbot plant in Wales, following the closure of the last blast furnace, marking a significant shift in Britain's steel production methods.
Environmental Impact and Funding: The £1.25 billion project, supported by £500 million from the British government, aims to reduce carbon emissions by 90% upon completion in late 2027, significantly contributing to the decarbonisation of the steel industry.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
