ICI has welcomed an exemption on electrolysis in the climate change tax levy, announced this week by the Treasury.
But the company says it still faces a huge tax bill of around £6 million.
ICI is fighting Government plans for an energy tax, claiming it will cripple their international competitiveness.
"The proposals still present a significant threat to UK manufacturing industry," said an ICI spokesman.
"Our Chlor Chemicals business alone still faces a potential tax bill of around £6 million.
"We are therefore working hard to support the Chemical Industries Association, our customers and suppliers in convincing the Government that there should be no net effect on businesses which meet practical energy efficiency targets."
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