Tata Steel unveils 7 mn pound green investment plan for UK steel tube mill

Tags: Economy/Finance

Tata Steel has unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England.

• It will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business.

• The investment will allow the Hartlepool site to process coils of steel delivered from Tata's Port Talbot steel making site in South Wales.

• The all-steel product manufacturing on site employs approximately 300 people to produce 200,000 tons of steel tubes a year.

• These are 100 percent recyclable.

• This will improve efficiency and reduce overall CO2 emissions from steel processing as well as reducing the total costs across the business.

• The new project is expected to take more than a year to complete.

• It is the second major investment announced by the Indian company in the UK this year after an investment plan for its site at Corby in the north-eastern England region.

• Tata Steel's ambition in the UK is to produce net-zero steel by 2050 and reduce CO2 emissions by 30 per cent by 2030.

• What is Green Investment?

• The business practices that have a favourable impact on the natural environment are called green investment.

• Green investing focuses on companies or projects committed to the conservation of natural resources, pollution reduction, or other environmentally conscious business practices.