Steel sector leaders were reassured about the Government’s plans to revitalise British steelmaking at the second meeting of the Steel Council, bringing together industry leaders to feed into amid global concerns around US tariffs on steel and aluminium.
Industry Minister Sarah Jones hosted the meeting earlier today after the Government’s steel plan green paper consultation closed on 30 March, receiving almost 100 responses and recommendations from business leaders and industry experts.
The meeting follows the Prime Minister’s speech where he pledged to do the right thing by the UK’s national interest, prioritising security and renewal in a changing world.
Minister Jones reiterated the Government’s firm support for industry and its role in delivering economic growth, as well as in the context of global tariffs on steel and aluminium imposed by the US. She assured Steel Council members the Government is continuing to do all it can to stand up for the sector.
The meeting comes as the Government continues to work round the clock to protect jobs at British Steel in Scunthorpe.
CEOs of steel firms including Tata, Liberty, British Steel and others joined leaders from trade unions and the industry’s trade association UK Steel to discuss the sector’s future and the challenges facing it.
Industry Minister Sarah Jones said: “We know this is a concerning time for our steel industry in the face of global challenges. That’s why we’re working in lockstep with industry to drive forward our steel plan so it can help the sector secure jobs, deliver growth and power the modern economy.
“This government will always stand up for UK steelmaking, and where others may talk tough, we are acting, with money ready to go to back up British industry. With our steel plan we’re placing it at the heart of our growth mission, and we’ll keep all options on the table to help steel in the UK thrive and deliver on our Plan for Change.”
The Steel Council’s second meeting comes as the final measure in the Government’s British Industry Supercharger package – the Network Charging Compensation (NCC) scheme – comes into force, bringing energy costs for steel companies and other energy-intensive industries closer in line with other major economies worldwide.
The first payments to industry from the NCC scheme will be made next month and provide over 15 million in energy price relief for businesses in May alone.
Once fully implemented, the total value of reduced electricity prices from the Supercharger package is expected to be between 320 million and 410 million in 2025, and more than 5 billion over the next 10 years.
