Tata Steel Ltd. has given a new life to one of the largest steelworks of the United Kingdom (UK) situated at Port Talbot in Wales with the investment of millions of pounds in order to restart the blast furnace.
Tata Steel Ltd called the relaunch project of the Blast Furnace 5 as the biggest single investment made by the company in its European operations in over five years in order to strengthen its long-term strategic operations in the UK.
Hans Fischer, Chief Executive Officer of Tata Steel’s European operations said, “This project demonstrates our commitment to building a stronger and more sustainable steelmaking business in the UK, now and in the future.”
Talking about the impact of Brexit on the company’s operations, Fischer stated that the company is hoping for a last-minute deal in order to avoid a hard Brexit. Fischer also added, “When you look to our production, more than 70 per cent stays in the U.K. So directly the impact of Brexit is maybe not that big.”
This project was announced in June 2018, when Tata Steel and Germany’s ThyssenKrupp signed the definitive agreements for establishing a joint venture of their European steel businesses.