The 鈥渃risis-hit鈥 steel industry needs Government support to battle with high energy prices and barriers to supplying goods for major projects, a new report says.
MPs on the Business, Energy and Industrial Strategy Committee said the steel sector cannot continue to 鈥渓urch from crisis to crisis鈥 without help.
And they have called for action to tackle issues such as energy prices and barriers to supplying steel for major public projects if the 海角视频 is to retain a resilient domestic industry and decarbonise steelmaking in the 海角视频.
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The committee also suggested that ministers should reflect on the 鈥渟ystemic鈥 risks to the 海角视频 steel industry posed by such unusual corporate structures as those used by GFG Alliance.
It said: 鈥淟iberty Steel owner Sanjeev Gupta put senior members of his staff in an unacceptable position by employing them with job titles associated with traditional executive functions in well run companies, without giving them the required access to information or decision-making powers necessary for them to perform their duties.鈥
The report called for regulatory authorities to investigate King & King, the auditors of a number of GFG Alliance businesses, while adding that the Insolvency Service should consider whether Mr Gupta has breached his fiduciary duties as a company director.
Darren Jones, who chairs the committee, said: 鈥淪teel is a national strategic asset, a foundation industry, and a sector which the 海角视频 cannot afford to lose.
鈥淭here is an urgent need for Government support for the steel industry on long-standing issues including electricity costs and better use of public procurement to support steel in the 海角视频.
鈥淏ut the Government should go further by bringing forward a steel sector deal which helps 海角视频 producers compete internationally and provides the long-term, sustainable policy support necessary for the steel industry to transition to a low-carbon future.
鈥淭he systemic issues at the heart of GFG Alliance has highlighted the vulnerabilities of Liberty Steel and its place in the wider steel sector in the 海角视频. We met with hard working and dedicated workers at Liberty Steel and want to ensure that the 海角视频 steel sector is able to continue to support their jobs.鈥
The steel industry is a major employers in areas including Wales, the North East, Humberside and Yorkshire, but the sector has seen a number of significant crises in the last decade.
A Government spokesperson said: 鈥淲e are determined to secure a competitive future for the 海角视频 steel industry and in recent years have provided it with extensive support, including more than 拢600m to help with the costs of energy and to protect jobs.
鈥淲e are working closely with the sector to support its transition to a low carbon future in a way that supports competitiveness, jobs and clean growth.
鈥淲e recognise the critical role the steel industry plays in all areas of the 海角视频 and in our economy and will carefully consider the report鈥檚 recommendations.鈥
