Tata Steel halts port Talbot coke ovens

Tata Steel announced on Monday its decision to halt operations of coke ovens at the Port Talbot plant in Wales, citing a deterioration of operational stability. The closure of coke ovens, which are essential manufacturing plants for producing coking coal, a vital raw material in steelmaking, reflects the company's strategic adjustments in response to ongoing challenges. In response to the closure, Tata Steel UK stated it would augment imports of coke to mitigate the effects of the shutdown. This decision aligns with the company's broader objective of revamping its UK steelmaking business to enhance sustainability and competitiveness. Earlier this year, Tata Steel unveiled plans to close two blast furnaces in Britain by the year's end, part of its strategy to transition towards lower carbon electric arc furnaces. The CEO, T.V. Narendran had previously indicated that the closure of these plants could result in 2,800 job losses at the Port Talbot facility, a development contested by three trade unions. Tata Steel affirmed its ongoing engagement with trade unions in the UK, characterising discussions as being in an advanced stage. Following the restructuring, the steelmaker intends to adopt low-carbon electric arc furnaces, with substantial government funding support, marking a significant shift in its operational approach. Adani Group stocks, bonds fall as the US said to widen probe.