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Welsh Government invests over £660,000 to develop higher strength steel products to safeguard the industry’s future in Wales
The Welsh Government is investing more than £660,000 in world-leading research and development to help safeguard the long-term future of steel production in Wales by developing new higher strength steel products to meet the latest demands of the global market.
Economy Secretary, Ken Skates has announced that £666,327 of Welsh Government Research and Development Grant Funding is being made available to Tata Steel to help the company develop new and innovative higher strength steel products at its sites in Port Talbot and Llanwern.
The grant funding is in addition to Tata’s own investment in the two year project and will enable the company to develop and test new forms of steel that boast improved functionality and increased technical specifications.
The investment in the project will mean Wales is well placed to respond to global market demand for new and advanced steel goods for the automotive and construction sectors and will place Wales in a more competitive position for the future.
Ken Skates said:
“The Welsh Government has been working to support Wales’ steel workers and this latest offer demonstrates our continued commitment to safeguarding a long-term future for the steel industry in Wales.
“Increasing the level of steel related research and development taking place in Wales is critical if we are to meet the demands of the market and secure the long term future of Welsh steel.
“Not only will increased research and development enable us to develop new products here in Wales it will also increase our competitiveness, help to reduce costs and enable us to reduce our carbon emissions.
“Ultimately it is part of our ongoing efforts to secure a long term future for our steel workers, their families and the industry as a whole.”
This latest funding agreement is part of a wider package of support from Welsh Government for Tata that includes £4m of funding towards skills development activities across Tata’s Welsh operations and a further £8m investment in its Port Talbot plant which will reduce energy costs and carbon emissions. With the exception of funding for skills, Welsh Government support will be subject to agreeing legally binding conditions with Tata.
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