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News on Medial
Tata Steel’s UK plant gets a new lifeline. Will it see a revival after £4 billion loss?
Livemint
·
5m ago
Medial
Tata Steel's Port Talbot plant, previously facing £4 billion in losses, has secured local council approval for a revival plan focusing on green steel production. This includes transitioning to an electric arc furnace, reducing 2,000 jobs but preserving thousands more. With £500 million from the UK government, Tata aims to cut CO2 emissions significantly. The £1.25 billion investment aims to ensure sustainable steelmaking by 2027, marking a significant boost for the UK's steel industry.
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Tata Steel ends 'legacy steelmaking' at UK's largest steelworks
Money Control
·
10m ago
Medial
- Tata Steel's Blast Furnace 4 at the Port Talbot plant in Wales ceased operations after over 100 years. - Steelmaking at the plant is set to resume in 2027-2028 using Electric Arc Furnace-based steelmaking with UK-sourced scrap steel. - Tata Steel is investing GBP 1.25 billion in low CO2 scrap-based steelmaking, sustaining over 5,000 jobs in the UK. - The closure of legacy steelmaking assets in Port Talbot marks a significant event in the UK steel industry's history. - Tata Steel plans to collaborate with business partners, academia, governments, and communities to secure a brighter, greener future. - The company's planned GBP 750 million investment in low-CO2 green steelmaking will be supported by a GBP 500 million Grant Funding Agreement with the UK government. - Many of the existing heavy end assets at Port Talbot had reached the end of their operational life. - Tata Steel is sharing details about the new Electric Arc Furnace with local communities, customers, and the planning department. - The transition will result in an estimated 2,800 redundancies, prompting sadness from steelworkers' trade unions. - The UK government has provided a minimum voluntary redundancy payout and offers of training to support affected workers.
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Tata Steel reaches agreement with UK trade unions
Livemint
·
1y ago
Medial
Tata Steel has reached an agreement with trade unions in the UK, making way for a £1.25 billion electric arc furnace project at its Port Talbot plant. The project will replace two aged blast furnaces and may lead to 2,800 job losses, though it will also preserve around 5,000 jobs that would have been lost if the plant had been shut down. The UK government has promised £500 million in grants to support the transition. Tata Steel plans to begin construction on the project by August 2025.
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Tata Electronics Gets Show Cause Notice Over iPhone Plant Fire
Inc42
·
9m ago
Medial
The Tamil Nadu government has issued a show cause notice to Tata Electronics after a major fire broke out at its iPhone manufacturing plant in Hosur last month. The fire disrupted operations at the plant, and Apple sent a Supplier Responsibility team to assess the situation and provide guidance to the contract manufacturer.
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Pegatron in talks to sell iPhone plant in Tamil Nadu to Tata Group: Report
Livemint
·
1y ago
Medial
Taiwanese company Pegatron is reportedly in discussions to sell its iPhone manufacturing facility in India to the Tata Group. The deal, which has the support of Apple, will see Tata hold a majority stake in a joint venture that will operate the Pegatron plant. Pegatron's India factory currently has 10,000 employees and produces 5 million iPhones annually. If the deal goes through, it would be another scaling back of Pegatron's partnership with Apple, following the sale of an iPhone plant in China last year.
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Tata’s INR 6K Cr iPhone Unit To Kick Off Operations In November
Inc42
·
11m ago
Medial
Tata Electronics is investing INR 6,000 Cr in building a new iPhone factory in Hosur, Tamil Nadu. The factory is set to begin operations in November and will be the company's second iPhone assembly plant in India, with plans to launch iPhones from this facility. This comes after Tata acquired Wistron's assembly plant in Karnataka last year.
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Tata Neu’s two more senior executives resign within four months
Inc42
·
1y ago
Medial
Tata Digital's ecommerce superapp Tata Neu is set to see two more senior executives, Pavan Podila and Samir Aksekar, leave the company in the coming weeks. Podila, the chief software architect, and Aksekar, the chief information security officer, joined in 2021. The company did not comment on their next move. This comes after other senior executives have also resigned in the past year, leading to leadership reshuffling within Tata Digital. The Tata Group is reportedly planning a $1 billion investment in its super app venture, Tata Neu.
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New Intel CEO Lip-Bu Tan will pick up where Pat Gelsinger left off
Arstechnica
·
4m ago
Medial
Intel has appointed Lip-Bu Tan as the new CEO, replacing Pat Gelsinger after his ousting due to financial losses and restructuring moves. Tan, previously on Intel's board, will start on March 18, continuing the plan to transform Intel into a chip foundry competing with giants like TSMC. The company faces challenges, including an $18.76 billion loss in 2024 and reliance on the US government's CHIPS Act for funding its revival strategy.
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Tata Motors rises after court awards compensation for West Bengal investment
Reuters
·
1y ago
Medial
Tata Motors saw a rise of 2% in its shares after being awarded 7.66 billion rupees ($92.00 million) as compensation for its investment in the closed Singur plant in West Bengal. The company is entitled to recover the amount from West Bengal Industrial Development Corporation, as ruled by an arbitral tribunal. Tata Motors had to shift its manufacturing facility to Sanand in Gujarat due to a land dispute. As of now, Tata Motors shares are 0.8% higher at 633.7 rupees, resulting in year-to-date gains of 63.4%.
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Tata Steel expects Netherlands govt support package to be larger than UK's, says MD Narendran
Money Control
·
1y ago
Medial
Tata Steel is seeking a larger support package from the Netherlands government compared to the aid offered by the UK government for restructuring its operations in the Netherlands. The discussions between Tata Steel and the Dutch government include the replacement of blast furnaces with electric arc furnaces and other sustainable measures to comply with stricter emission standards set by the EU. Tata Steel expects to conclude negotiations with the Dutch government by the end of 2024. The company has already agreed to a £1.25 billion restructuring deal with the UK government for its UK operations.
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1,700 Tata Steel UK employees have opted for voluntary redundancy scheme, says MD
Money Control
·
1y ago
Medial
Around 1,700 employees of Tata Steel's UK operations, mainly at its Port Talbot facility, have opted for voluntary redundancy. The scheme, which was opened in July, will close on August 7. Approximately 2,600 employees are expected to be laid off as Tata Steel continues to close down "heavy-end" assets at the Port Talbot site. However, around 5,000 people will continue to work for Tata Steel UK in downstream operations and other functions. The company is in talks with the UK government for further investments beyond the agreed £1.25 billion restructuring plan.
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