New Delhi, November 5 (Language) After securing funding in Britain, Tata Steel seeks financial assistance from the Netherlands government to implement the plan to make its operations carbon-free (decarbonization).
Tata Steel has completed the process of demerging Tata Steel-UK and Tata Steel-Netherlands from Tata Steel-Europe as two independent companies in October, 2021.
Tata Steel Chief Executive Officer (CEO) and Managing Director TV Narendran said, “In the Netherlands, we will soon submit a detailed ‘decarbonization’ proposal to the government there for regulatory and financial support.”
Tata Steel-Netherlands is working intensively on ways to decarbonize its operations by taking into account emissions and health standards.
Tata Steel said in the statement that both the parties will discuss the detailed terms of the project.
It said that the Board of Directors of Tata Steel will consider approving this project at the appropriate time.
The company has not provided further details on its plans to decarbonize its operations in the Netherlands.
The company has a 7 million tonne per annum capacity plant in Eymuden in the Netherlands. The company aims to produce CO2-neutral steel in Europe by 2050.
Earlier on September 15, Tata Steel and the UK government have agreed to a joint investment of 1.25 billion pounds for the decarbonization plans of the company’s Port Talbot steel plant. Tata Steel said that out of this 1.25 billion pounds, $500 million will be contributed by the British government.
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