LONDON: Indian-owned steelmaker Corus will invest 185 million pounds to rebuild a blast furnace in south Wales, the company announced on Monday in a move that is set to safe-guard jobs.
The investment at the Port Talbot steelworks, equivalent to 225 million euros or $289 million, will begin in July 2012 and aims to increase the facility's output by up to 400,000 tonnes a year, Corus said in a statement.
The company is owned by India's Tata Steel -- the world's eighth-biggest steelmaker.
"This investment is a major step in achieving Tata Steel's ambition to position Port Talbot as a producer of high-quality strip products on a global scale and an internationally competitive cost base," said Kirby Adams, chief executive of Tata Steel Europe.
Union bosses welcomed the move.
"This investment shows that Corus believe that there is a strong future for the British steel industry," said Michael Leahy, head of the Community union.
A Corus spokesman added that the investment may see building contractors take on new staff.
Tata Steel, part of India's sprawling Tata Group conglomerate, bought Anglo-Dutch company Corus for $13.7 billion in 2007.
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