Tata Steel’s UK operations suffered a £1.1 billion loss following the shutdown of its Port Talbot blast furnace.

Tata Steel’s UK business suffered a significant financial setback in the 2023/2024 financial year, with a nearly fourfold increase in pre-tax losses to £1.12 billion due to restructuring costs associated with the closure of blast furnaces and coke oven batteries in Port Talbot. The company reported a revenue decline of 16% year-on-year to £2.6 billion due to lower steel prices and reduced supply volumes. Tata Steel also incurred £625 million in restructuring and impairment charges related to the closures. The company has access to funding of at least £1 billion from the parent company and £500 million from the UK government to cover project costs following the conclusion of a green transition agreement. The narrowing of steel spreads in the first half of 2024/2025 had a negative impact on Tata Steel’s financial performance, and the company acknowledged a challenging global operating environment, with slower growth in key regions.