Tata Steel's CEO, T V Narendran, has stated that the company is continuing to pursue financial aid from the UK government, in response to a question about their stance on exiting the UK business during a recent interview.

"Tata Steel is still pursuing [the financial package) with the [UK] government."

T V Narendran, CEO, Tata Steel

Narendran, who also serves as the managing director of Tata Steel, stated: "Tata Steel is still pursuing [the financial package) with the [UK] government."

Narendran noted that there has been no conclusion to the request made for a financial package so far.

Tata Steel, a company based in India, owns the largest steelworks in the UK located in Port Talbot, South Wales, and has approximately 8,000 employees across all its operations in the country.

The company had requested a financial package of £1.5 billion from the UK government to support its decarbonization plans, which would include replacing blast furnaces with electric furnaces to lower carbon emissions.

Earlier this year, the UK government made a counteroffer of £300m to Tata Steel which the Tata Group chair, Natarajan Chandrasekaran, said fell short of the figure required to keep the UK Port Talbot site ‘operational’.

Narendran stated in an interview that Tata Steel believes it cannot envision a viable future in the UK without the support of the government.

Source: Mint