Tata Steel UK Signed 500-million Pound Grant Funding Agreement with UK For Port Talbot Project

Current Context: On 11th September 2024, Tata Steel has indeed signed a £500 million Grant Funding Agreement with the UK Government for a significant project at the Port Talbot steelworks in Wales.

• This project, valued at £1.25 billion, aims to install a state-of-the-art Electric Arc Furnace (EAF) at the site.
• This investment is expected to reduce the UK’s entire industrial carbon emissions by 8% and Port Talbot’s emissions by 90%.
• Additionally, it will safeguard 5,000 jobs and secure the future of steelmaking in the UK.

Question:

1 What is the total value of the project involving the installation of an Electric Arc Furnace (EAF) at Tata Steel's Port Talbot steelworks in Wales?

• A) £500 million
• B) £1.25 billion
• C) £1 billion
• D) £750 million

Answer: B) The project at the Port Talbot steelworks is valued at £1.25 billion, with £500 million provided as a grant by the UK Government.