Tata Steel is reportedly in advanced talks with the UK government to secure around GBP 500 million in state-backed funding for its Port Talbot plant in South Wales. The negotiations are part of the green transition of the UK's largest steelworks, which has significant implications for the country's steel industry. Both sides are said to be close to reaching a deal that would secure the future of the steelworks.

The plans being finalized include a commitment of GBP 500 million from the UK government and GBP 700 million from the Tata Group for a shift away from coal-fired blast furnaces to greener electric arc furnaces. However, there are concerns about potential job losses as a result of the negotiations, which has prompted calls for workers' and unions' involvement in the decision-making process.

Stephen Kinnock, Labour MP for Aberavon, emphasized the importance of the steel industry for the UK economy and urged support for the plan. The UK government has yet to comment on the reports, but any support package is anticipated to be contingent on Tata Steel's investment commitments.