Tata Steel Signs Non-Binding Joint Letter of Intent with Dutch Government for Decarbonisation and Health Measures Project

Tata Steel has signed a non-binding Joint Letter of Intent (JLol) with the Government of the Netherlands and the Province of North-Holland for the first phase of transition to low CO2 steel production and to improve the healthy living environment around the IJmuiden site. The project aims to de-commission the existing Blast Furnace #7 and Coke and Gas Plant 2 and construct a DRP and an EAF with increased scrap-intake. This would reduce annual scope 1 CO2 emissions by 6.6 Mta. The project also aims to undertake specific measures to reduce dust, NOx emissions, SO2 emissions, odour emissions and noise. The Dutch government intends to support up to €2 Billion under the JLol. Tata Steel has also applied to the EU Innovation Fund for ~€0.3 Billion. The remaining amount is expected to be funded by a combination of the cash generated and contributed by Tata Steel Nederland, project financing debt, and funding procured by Tata Steel Limited over the period of project spend.