Tata Steel UK Cash Burn at $150 Million in H2 FY22-23

SEATTLE (Scrap Monster): Any closure of upstream assets in the UK on reaching end-of-life will cost Tata Steel more than £100 million, top executives from the steel major told analysts last week. The company further said that the UK operations reported a cash burn of $150 million in the second half of FY22-23, higher than what they had guided earlier.

Tata Steel has been in discussions with the UK government, seeking financial support for a green transition of its UK assets. So far, it said, the talks have remained inconclusive.

In an interview with Moneycontrol, TV Narendran, Chief Executive Officer and Managing Director, Tata Steel, said that in the worst-case scenario, if the UK government did not help finance a green transition, different UK (upstream) assets would be closed as they reached end-of-life.

 Courtesy: www.moneycontrol.com