New Delhi, Sept. 29 -- Tata Steel Netherlands (TSN) has secured up to €2 billion in funding support from the Dutch government, marking a major step in the steelmaker's plan to transition operations towards low-carbon and sustainable steel production.

The Indian steelmaker signed a non-binding agreement with the government of Netherlands to transition to low-carbon steelmaking and cleaner operations at the IJmuiden plant. Both parties will keep working on the final tailor-made agreement in the coming months, including after the Dutch elections and the formation of the new government.

"There are a lot of issues to resolve and work to be done before us," said T.V. Narendran, chief executive officer of Tata Steel. "We would like to th...