British Steel is close to signing an agreement with the government on green transformation

The company began negotiations with British authorities more than a year ago and steelmakers Tata Steel and British Steel are continuing negotiations with the UK government to finance their green transition, S&P Global reports. According to British media reports, the government is close to signing a deal with British Steel. Secretary of State for Business and Trade Kami Badenoch recently visited the company's factory, which is based on Teesside in Scunthorpe. According to him, the company is committed to working with the government and needs to reach an agreement quickly to achieve the stated goals. British Steel, owned by Chinese company Jinji, is reportedly seeking government support of up to £600 million (US$753 million) to implement its £1.25 billion decarbonisation plan. The company began negotiations with the British authorities more than a year ago. The company has already obtained permission from local authorities to build electric arc furnaces. British Steel has begun preliminary talks with trade unions and has promised to support employees affected by its decarbonisation plans. Meanwhile, Tata UK has already announced the timing of the closure of the blast furnaces at Port Talbot. Trade unions strongly oppose this decision.