Tata Steel, one of the leading steel producers, has announced its decision to close down two blast furnaces and other heavy assets in Port Talbot, UK by the end of this year. This unfortunate move is expected to lead to a loss of 2,800 jobs over the course of three years. The company had previously revealed its plans to adopt an electric arc furnace for steel production, a transition that requires a substantial investment of 1.25 billion pounds.
