Skip to content
Search

Latest Stories

Port Talbot closure drives Tata Steel UK to £1.1 bn annual loss

Revenues for Tata Steel UK fell by 16 per cent to £2.63 bn due to declining steel prices and volumes.

Port Talbot closure drives Tata Steel UK to £1.1 bn annual loss

TATA Steel’s UK operations reported a pre-tax loss of £1.12 billion for the year ending March 2023, driven by costs associated with the closure of two blast furnaces at its Port Talbot site in South Wales. This marks a significant increase from the £279 million loss recorded in the previous year.

The company wrote off £619m in restructuring, impairment, and disposal costs related to shutting down the furnaces and coke ovens, with the first furnace closing in July and the second in September, according to The Guardian. These closures are expected to result in 2,500 job losses.


Revenues for Tata Steel UK fell by 16 per cent to £2.63 bn due to declining steel prices and volumes. The closures are part of a transition to greener steel production, with plans to construct a £1.25 bn electric arc furnace at Port Talbot.

The UK government is contributing £500m towards the project, while Tata will invest £750m. The new furnace, expected to be operational by 2027, will produce 3.2m tonnes of steel annually from scrap metal and create around 500 construction jobs.

The shift to scrap-based steelmaking is projected to reduce emissions at Port Talbot by over five million tonnes annually. However, unions and politicians have raised concerns about the potential impact on the UK’s economy and its ability to produce raw steel.

Separately, the UK government is reportedly considering nationalising British Steel, which operates the country’s last blast furnaces at Scunthorpe and is owned by China’s Jingye Group.

Tata Steel acquired Port Talbot and Scunthorpe as part of its £6.2 bn purchase of Corus in 2007.

More For You

‘All options on the table’ as Britain
prepares for likelihood of US tariffs

Sir Keir Starmer with Jonathan Reynolds

‘All options on the table’ as Britain prepares for likelihood of US tariffs

BRITAIN is likely to be hit by US tariffs despite making “rapid progress” over a trade deal with Washington, prime minister Sir Keir Starmer said on Tuesday (1).

He spoke as US trading partners around the world braced for an expected fresh raft of tariffs from president Donald Trump, in addition to levies already imposed on steel and those set to take effect this week on cars.

Keep ReadingShow less
single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less