“We are proceeding as per previously announced timelines for the closure of the heavy end, a step which is critical to address the deep cash burn associated with the upstream, end-of-life assets. We are also on track with regard to supply chain preparedness for imports of semi-finished steel which will be utilized by the downstream assets to continue to service customers, after the closure of the blast furnaces,” said Tata Steel executive director and chief financial officer Koushik Chatterjee.

The closure will bring to an end more than 70 years of ironmaking at the Port Talbot facility. Tata is shutting down the furnaces as part of a shift to scrap-based electric arc furnace production. The new EAF is to come on-line in 2027. 

“We are working closely with the recently elected U.K. government on finalization of grant funding process for the new electric arc furnace project,” Chatterjee said.