Tata Steel: Tata Steel has told the stock market that it has decided to shut down coke oven operations at its Port Talbot plant in the UK following the collapse. The company has said that it will increase the import of coke to reduce the impact of closure of coke ovens. Tata Steel, UK has decided to shut down coke oven operations at its Port Talbot plant in Wales following deterioration in operational sustainability, a regulatory filing said. Tata Steel had earlier said that many of its heavy assets in Port Talbot were at their ultimate capacity. Tata Steel is currently in the advanced stages of consultation with trade unions in the UK on its proposal for a planned restructuring involving the closure of the iron and steel manufacturing assets at Port Talbot and conversion to a sustainable low carbon steel manufacturing facility. The transformation plan includes a £1.25 billion investment in electric arc furnace technology and asset upgrades at Port Talbot.
What is the impact on the stock?
The impact of this news is visible on the stock of Tata Steel in the Indian stock market. Shares of Tata Steel are trading at Rs 149.05, down 0.43 percent or 65 paise at 10.33 am. The stock has seen a decline of about 0.53 percent in the last five days. Whereas, a growth of 5.11 percent has been seen in the last one month. Investors have got a return of 16.29 percent in the last six months. However, the company has given a return of 41.72 percent to investors on an annual basis.
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Many employees were laid off
Let us tell you that earlier in the month of January, Associated Press had reported that the company is planning to close two blast furnaces in Port Talbot Steelworks unit. This unit is located in Wales, Britain. It was claimed that due to this, about three thousand people would lose their jobs. ,with language input,