British steelmakers are being backed this evening with a pledge of £2.5bn by the Government as it looks at the long-term issues facing the industry like high electricity costs, unfair trading practices, and scrap metal recycling – to protect jobs and living standards in the UK’s industrial heartlands.
This could benefit Scunthorpe, Rotherham, Redcar, Yorkshire, and Scotland since it will be spent on initiatives that will give the industry a long future – such as electric arc furnaces, or other improvements to UK capabilities.
Business Secretary Jonathan Reynolds, said: “The UK steel industry has a long-term future under this Government. We said that during the election, and we are delivering on it now.
He said the deal announced by Heathrow this week, which has already been reported by BLM Forum, would secure a strong industry pipeline for years to come, and the full weight of Whitehall was being put behind the industry.
He added: “Britain is open for business, and this Government has committed up to £2.5 billion to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.”
