The 海角视频 Government has unveiled a multibillion-pound strategy to bolster the domestic steel industry and ensure its long-term viability.
A consultation has been initiated to tackle persistent challenges facing the sector, including elevated electricity costs, unfair trade practices, and scrap metal recycling. Amidst US President Donald Trump's proposals for tariffs on steel products, the Government has pledged to allocate up to £2.5bn in support of the 海角视频 steel industry.
Assistance will be provided through the National Wealth Fund, with potential benefits extending to regions such as Scunthorpe, Rotherham, Redcar, and Scotland. The funds will be utilised for initiatives aimed at securing steel's long-term future, including the development of electric arc furnaces.
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The announcement follows the Government's approval for Heathrow Airport's expansion, which is anticipated to necessitate 400,000 tonnes of steel. In recent years, the industry has confronted numerous hurdles, including a shift towards more environmentally friendly production methods at the vast Port Talbot facility in South Wales, resulting in job losses.
Business Secretary Jonathan Reynolds said: “The 海角视频 steel industry has a long-term future under this Government. We said that during the election, and we are delivering on it now. The deal announced by Heathrow announced this week will secure a strong industry pipeline for years to come – and we are putting the full weight of Whitehall behind the industry to build on this success.
“Britain is open for business, and this Government has committed up to £2.5bn to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.”
Gareth Stace, director general of 海角视频 Steel, emphasised the importance of joined efforts in crafting the upcoming Steel Strategy. He said: “Developing the Steel Strategy must be a collaborative process, and the consultation is an open invitation for all stakeholders to help shape the future of 海角视频 steel.
“The Government’s commitment to our steel sector is both vital and welcome. A robust, bold, and ambitious Steel Strategy has the power to reverse the sector’s decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions.
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“By setting out a clear business plan and roadmap for investment, the Government can secure a brighter future for our industry, safeguard jobs, and support steelworkers and their families.”
Unions welcomed today’s announcement.
Community general secretary Roy Rickhuss said: “After a long era of neglect under the previous government, we welcome the Government’s firm commitment to our steel industry. The new green paper sets out some of the main challenges and opportunities our steel sector will face over the years ahead, posing important questions on how we can secure and boost existing capacity, stimulate demand for 海角视频 steel, and deal with longstanding problems like industrial energy prices.”
Andy Prendergast, GMB national secretary, said: “After years of dithering, today’s plan provides desperately needed funding for our once proud, now beleaguered steel industry. As the world becomes more volatile, primary domestic steel making capacity is vital for both our economy and domestic security.”