Tata Steel to use UK research funding to develop ‘new generation’ steel

Tata Steel is to use £8 million ($13.3 million) of research funding from the UK government to develop "next generation" steels, the company announced on Monday February 24.

February 25, 2014

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“We want to meet the future demands of our customers who are asking for lighter, stronger and more versatile steel products,” Tata Steel’s research and development director Debashish Bhattacharjee said.

“Cutting-edge innovation plays a crucial role in helping us to create world-leading differentiated products and services,” Bhattacharjee added.

The research, funded by the UK’s Regional Growth Fund, will happen at Tata Steel’s R&D department in Rotherham, South Yorkshire.

The development and manufacture of specialist and advanced steels are an important part of European steelmaker business strategies.

These steels have higher profit margins than traditional steels and serve the needs of growing markets for energy-efficient vehicles, high-rise buildings and renewable power generation.

Europe’s second largest steel producer, Tata Steel employs 18,000 people in the UK and exports about half of its £6 billion of British-made products.