Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant in Wales, following a deterioration of operational stability.
Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, said the firm.
The steel major had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.
Tata Steel is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving closure of the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a 1.25 billion investment in electric arc furnace technology in Port Talbot and asset upgrades, the company said in the press release.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.
Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.
Shares of Tata Steel rose 0.64% to Rs 150.55 on the BSE.
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