Tata Steel gains over 3.5% amid reports to secure funds for UK plant

Tata Steel is in advanced talks with the UK government for around GBP 500 million in state-backed funding to support its Port Talbot plant

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Shares of Tata Steel gained over 3.5 percent on September 4 after a news report suggested that it is in advanced talks to secure funds for its UK plant.

At 9.50am, the stock was trading at Rs 131 on BSE, up 3.6 percent from its previous close; while India’s benchmark Sensex rose 0.08 percent to 65.436 points.

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Tata Steel is in advanced talks with the UK government for around GBP 500 million in state-backed funding to support its Port Talbot plant, securing thousands of jobs in the country’s steel industry. A deal is reportedly close to being reached, as per Sky News.

“Tata Steel is continuing to discuss with the UK government a framework for continuity and decarbonisation of steel making in the UK amidst very challenging underlying business conditions given that several of its heavy end assets are approaching end of life,” a Tata Steel spokesperson told PTI.

The draft plans, nearing finalisation, involve the UK government pledging approximately GBP 500 million in funding, and the Tata Group agreeing to invest GBP 700 million in capital expenditure.

These funds will support the transition from polluting coal-fired blast furnaces to greener and more efficient electric arc furnaces for steel production, the PTI report said.