Tata Steel to invest 800 mn GBP in Welsh facilities

MUMBAI (Scrap Monster): Global steel giant Tata Steel Limited (BSE:500470) plans to invest up to 800 million Great Britain Pounds (GBP) in its facilities in Wales over the next five years, the First Minister of Wales, Carwyn Jones, said in a statement, after returning from a visit to India.

“ The significant investment will be used to improve production, product mix, quality and product range at Tata Steel's Welsh plants.” he added.

Tata Steel has a number of facilities in Wales, and the release did not specify which would receive the investment.

In December, Tata said it would mothball its Llanwern processing mill in south Wales, citing weak demand for steel and a poor economic outlook.

Tata Steel is the tenth-largest steel producing company in the world, with an annual crude steel capacity of 23.5 million tonnes, and the largest private-sector steel company in India measured by domestic production.