By Martin Shwenk Leade

Copyright indiatimes

ReutersTata Steel factory in IJmuiden, Netherlands, January 25, 2024. (File Photo)

Tata Steel has signed a non-binding pact with the government of Netherlands to transition to low-carbon emission steel production at its IJmuiden plant, the Indian steelmaker said on Monday. The plant is among the largest polluters in the country and Tata has been in talks with the Dutch government for months over subsidies to help it clean up production processes. The government intends to provide up to 2 billion euros ($2.35 billion) under the pact, while Tata Steel’s Dutch unit has applied to the EU Innovation Fund for 0.3 billion euros, the company said in a filing to stock exchanges. The remaining spending is expected to be financed by a combination of cash generated by Tata Steel Nederland, project financing debt and funding by Tata Steel. Tata Steel Nederland has not finalised the total expenditure as it has not completed the full engineering of the project, the company said.Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)

Read More News ontata steelTata SteelDutch governmentcarbon emissionsNetherlandsgovernment of NetherlandsEU Innovation FundTata Steel Nederlandtata

(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

(You can now subscribe to our Economic Times WhatsApp channel)Read More News ontata steelTata SteelDutch governmentcarbon emissionsNetherlandsgovernment of NetherlandsEU Innovation FundTata Steel Nederlandtata(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless