The Government will pump up to £500 million into Britain’s biggest steelworks as part of plans to produce “greener” steel which could also hit thousands of jobs, sources have said.
Tata, the Indian conglomerate which owns the Port Talbot steelworks in South Wales, will use the funding to help switch the plant’s two coal-fired blast furnaces to electric arc versions which can run on zero-carbon electricity.
However, the company will also caution on Friday that the plans will lead to consultations over a “deep potential restructuring”.
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