Tata Steel Unveiled Plans to Invest in New Steel Plant

SEATTLE (Scrap Monster): Leading steelmaker Tata Steel announced that it has signed a Memorandum of Understanding (MoU) with the Government of Punjab, India to set up a plant in Ludhiana. The company plans an investment of INR 2,600 crore towards setting up a new 0.75 million tonnes per annum long products steel plant along with a scrap-based electric arc furnace (EAF).

The proposed plant will be built in Kadiana Khurd, Hitech Valley. It is part of company’s ongoing commitment to invest in a circular economy and transition to low-carbon steelmaking through the steel recycling route. The initiative is considered in line with the previously stated goal to achieve net zero carbon emission by 2045.

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The plant will produce construction-grade steel bar, which would enable it to further expand its market presence in the booming construction segment. It will boost industrial growth in the state. Also, the initial phase of the project is expected to create around 500 direct and 2,000 indirect jobs. The proximity to the market and scrap generating auto hub makes Ludhiana an ideal location for the plant, the company noted.

The land allotment letter was handed over to TV Narendran, Global CEO and MD, Tata Steel Limited by the state Chief Minister in a special fuction held in Chandigarh last Friday.